As Denmark Looks To Tighten Its Banks' Money Laundering Defences, Neil Williams Of Financial Crime Specialists Rahman Ravelli Considers The Implications

• Published date: 09 July 2020
• Subject Matter: Finance and Banking, Government, Public Sector, Financial Services, Money Laundering
• Law Firm: Rahman Ravelli Solicitors
• Author: Mr Neil Williams

Denmark is proposing greater independence and more demanding qualifications for bankers hired to prevent money laundering in an attempt to avoid more Danske Bank-style scandals.

A report from the country's Financial Supervisory Authority (FSA) says supervisory boards should be in routine, direct contact with the heads of their anti-laundering departments - and they should be the only ones with the power to dismiss them. It adds that senior managers should have at least five years' experience combating laundering and, in order to prevent any possible conflicts of interest, should not have any other responsibilities. Learn more about anti-money laundering investigations here.

The report comes almost two years after Danske Bank - Denmark's biggest bank - was in the headlines when it was discovered that suspicious transactions involving an estimated 200 billion euros had passed through its...