Denmark’s largest bank reported to police for violating money laundering regulations

Financial watchdogs want to make sure Danske Bank is not inadvertently supporting terrorism

Financial supervisory authority Finanstilsynet (FSA) has reported Danske Bank for violating money laundering regulations.

The watchdogs believe that the bank has not been fulfilling rules set in place in 2012 for dealing with banks outside of the EU and EEA. Those regulations were put in place to ensure that banks are not indirectly helping to support terrorism.

Cooperating fully
Danske Bank Group general counsel, Flemming Pristed said that the bank will be cooperating completely with any investigation.

“The FSA has asked police examine whether Danske Bank is complying with provisions of the money laundering act treating to correspondent banks, and we will of course cooperate,” he said.

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The FSA did note that Danske Bank has had controls in place since 2014 the prohibits outside customers whose credentials have not been approved from making any transactions.