1. Are there any sanctions imposed against Denmark?
There are no sanctions imposed on Denmark.
2. What are the regulated institutions in Denmark?
Bank, financial institutions, online casino, based casino, online betting, law firms, tax advisors, bookkeeping companies, real estate agents, auditors etc.
3. Who are the local regulatory authorities in Denmark and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
Danish Financial Supervisory Authority (FSA), The Financial Authority (Finanstilsynet), The Tax Authority, The Danish Bar and Law Society.
4. What is the status of Denmark's FATF?
Denmark is the member state obliged to comply with the FATF Recommendations. Denmark is not on the list of countries with AML deficiencies determined by the FATF. The latest Mutual Assessment Report prepared by FATF against the implementation of anti-money laundering standards in Denmark was made in November 2019. According to this evaluation of the FATF, the Consultancy is highly compatible with 28 and 6 of the recommendations.
5. Which global regulations Denmark have to comply with?
Since Denmark is a member of FATF, it is obliged to comply with its recommendations for FATF members. In addition, since it is a European Union country, it has to comply with the European Union Anti-Money Laundering Directives.
6. What are the most popular crimes related to money laundering in Denmark?
Bribery, corruption, theft, tobacco smuggling, robbery, drug trafficking and human trafficking, etc.
7. What are the AML obligations of the businesses in Denmark?
In Denmark, organizations have to report suspicious money laundering transactions to the necessary authorities in accordance with the regulations and have to fulfill the necessary reporting obligations. Organizations should also comply with a risk-based approach and establish an AML compliance program in accordance with this approach. KYC procedures must be carried out, there are obligations such as keeping the records obtained from these procedures.
8. What are the local AML laws and regulations in Denmark?
New Consolidated Danish AML Act (2009), The FATF issues 40 recommendations (2012), Guidelines on the Danish AML Act. New Consolidated Act on money laundering and financing of terrorism (2013), Second Wire Transfer Regulation. Fourth Anti-Money Laundering Directive. National Risk Assessment on money laundering. (2015), Agreement on enhanced measures to prevent international tax evasion. New Danish AML Act. Seven Executive Orders were issued under the Danish AML Act. (2017), National strategy for anti-money laundering and terrorist financing (2018-2021). Fifth Anti-Money Laundering Directive Act amending the Danish AML Act et al, etc.
9. What are the penalties for failure to comply with Anti-Money Laundering law in Denmark?
In Denmark, there are penalties such as seizing funds obtained from money laundering crimes and freezing transactions. There are also prison sentences, for example after 4AMLD and FATF assessments, Denmark is trying to improve its preventive measures by increasing the maximum sentence to 8 years and trying to increase the penalties for non-compliance.
10. What are the penalties for failure to comply with Anti-Money Laundering law in Denmark?
The Danish Bar and Law Society
Kronprinsessegade 28, DK-1306 Copenhagen
T: 45 33 96 97 98
11. Are violations of anti-money laundering obligations also subject to criminal sanctions?
Yes, the obliged entities in Denmark in particular have to apply a risk-based approach in their businesses in accordance with the obligations.
12. What can oblige institutions do to prevent money laundering and to comply with AML regulations?
The liable institutions should also be AML experts in order to control and prevent money laundering activities, and the training of these experts should be carried out. Apart from that, the regulations are highly variable, and it is necessary to follow these changes. The regulations include Know Your Customer, Customer Due Diligence, and Transaction Monitoring applications. These measures can be easily implemented with technological software. Sanction Scanner enables its organizations in Denmark to comply with Anti-Money Laundering laws. The obliged parties can easily perform Customer Due Diligence, Know Your Customer, Transaction Monitoring procedures. You can contact us to get information about our AML solutions.