Danske Bank has not sufficiently assessed the risk of how the bank’s products and services in Sweden may be used for money laundering and terrorist financing. Danske Bank must therefore rectify these deficiencies no later than June 30, 2022.
Finansinspektionen (FI) opened an investigation in June 2020 with the aim of investigating compliance with the Anti-Money Laundering and Counter- Terrorist Financing Act (2017:630) (Anti-Money Laundering Act) and Finansinspektionen's regulations (FFFS 2017:11) regarding measures against money laundering and terrorist financing (anti-money laundering regulations).
The investigation identified deficiencies in Danske Bank's work to combat money laundering and terrorist financing. The bank has rectified some of the deficiencies and presented action plans for, in part, the insufficient general risk assessment and how the bank's products and services may be used for money laundering. However, FI takes the position that the bank is taking too long to implement the measures. Therefore, FI is issuing an injunction on Danske Bank to take remedial action.
"The general risk assessment is crucial for how a bank designs its work to combat money laundering and terrorist financing since it establishes the basis for significant parts of the bank's other measures in this area. It is therefore very important that the bank rectify this deficiency promptly," says Karin Lundberg, executive director of FI's Banking section.