Denmark: Financial Sector Assessment Program-Technical Note-Next Steps for Cross-border AML/CFT Supervision

August 12, 2020

Summary

The Danish authorities’ efforts to strengthen cross-border anti-money laundering and combating the financing of terrorism (AML/CFT) supervision continue to gather momentum. Since the Fund’s publication of a Selected Issues Paper on this subject in June 20192, the Danish authorities have made significant progress, including by conducting or participating in three multinational on-site inspections of banks; developing a new institutional risk assessment model; issuing an AML/CFT on-site inspection manual; and, via Act No. 1563 (2019), amending several pieces of legislation so as to bolster the monitoring and enforcement powers of the Danish Financial Supervisory Authority (DFSA), establish additional reporting requirements for the private sector, and stiffen the penalties for violations of AML/CFT obligations.

Subject: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, Economic sectors, Financial institutions, Financial sector, International cooperation, International organization, Money laundering

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), CFT cooperation, CFT supervision, CFT supervisor, Commercial banks, CR, DFSA budget, DFSA test, Financial sector, International cooperation, ISCR, Money laundering, on-site inspection, risk assessment, stocktaking exercise

Pages:
16
Volume:
2020
DOI:
https://doi.org/10.5089/9781513553054.002
Issue:
255
Series:
Country Report No. 2020/255
Stock No:
1DNKEA2020006
ISBN:
9781513553054
ISSN:
1934-7685

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