The Danish Financial Supervisory Authority (DFSA) has announced that it will conduct a cross-sector AML inspection of transaction monitoring in two of Denmark’s largest banks – Nordea and Danske Bank. The DFSA has also released an EU-wide tender seeking external consultants to help conduct this inspection.
Monitoring of financial transactions is an important and often technically challenging aspect of AML/CFT procedures. The inspection will check if financial transactions in these banks are made in compliance with the Danish Money Laundering Act. The Act requires a background check for unusual transactions (based on complexity and size). The authorities must also investigate any unusual patterns of transactions and suspicious activities.
The DFSA is paying special attention to the two banks as they engage in a large number of transactions. They also offer a variety of products and services that could be vulnerable to financial crimes.
