Denmark proposes tougher qualifications for bankers to prevent money laundering

Thursday 11 June 2020 08:39 CET | News

Denmark has proposed tougher qualifications for bankers hired to prevent money laundering as part of efforts to prevent a repeat of the Danske Bank scandal.

Denmark’s Financial Supervisory Authority (FSA) says supervisory boards should be in routine, direct contact with the heads of their anti-laundering departments, and that they alone should have the power to fire them, according to Bloomberg. Moreover, top managers should have at least five years of experience combating laundering, and should not have other responsibilities, to avoid potential conflicts of interest.

The FSA has warned that as large institutions beef up their defences, smaller banks are now particularly at risk.

Nevertheless, the focus should be on business models, including foreign activities and thus a bank’s size should not be a decisive factor in determining qualifications and requirements of employees charged with preventing laundering, according to the report.

Denmark is still grappling with the fallout of the Danske scandal, almost two years after the country’s largest bank was forced to concede that a large part of approximately EUR 200 billion in transactions were suspicious.
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Keywords: money laundering scandal, AML, Denmark, financial crime, banks, financial institutions, transactions , bankers, Danske Bank
Categories: Banking & Fintech
Countries: Denmark
This article is part of category

Banking & Fintech