Danske Bank receives injunction to take remedial action

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 therefore must rectify this deficiency no later than 30 June 2022.

In conjunction with an investigation into the bank's work to combat money laundering and terrorist financing, Finansinspektionen identified deficiencies in the bank's general risk assessment. This means that the bank needs to assess how the bank's products and services may be used for money laundering or terrorist financing and how large the risk is that this may be occurring. The bank presented an action plan for how it will rectify these deficiencies. However, Finansinspektionen takes the position that the bank's action plan does not rectify the deficiencies promptly enough.

Finansinspektionen therefore issues an injunction on Danske Bank to assess no later than 30 June 2022 how the products and services the bank provides in Sweden, and that the bank has not yet fully risk assessed, may be used for both money laundering and terrorist financing and how large the risk is that this may be occurring.

Finansinspektionen also investigated other parts of Danske Bank's work to combat money laundering and terrorist financing. Here, the bank implemented a number of measures during the course of the investigation or presented action plans that Finansinspektionen accepts. Therefore, Finansinspektionen sees no reason to issue an injunction within these areas.

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