Statement of inspection in Coop Bank A / S (money laundering area)

In December 2018, the Danish FSA was on inspection at Coop Bank A / S. The inspection was an investigation of the money laundering area as part of the ongoing supervision of the bank. The inspection included the bank’s risk assessment, policies, procedures and internal controls, as well as customer knowledge procedures, including customer monitoring.

Risk assessment and summary

The bank offers simple lending products and accounts for handling ordinary everyday finances, including payment cards for natural persons with a Danish CPR number who are resident in Denmark and who are registered as members of Coop. The bank also offers, to a lesser extent, basic deposit and payment accounts to customers residing abroad. In addition, the bank offers Coop consumer loans to non-members .

The bank is internet based and has no branches. Coop members can deposit amounts to their accounts in Coop’s physical stores to a limited extent. The Bank does not offer products to companies, companies, associations or other legal entities.

 

The Danish FSA considers that the bank’s inherent risk of being abused for money laundering or terrorist financing is normal to high assessed in relation to the average of financial companies in Denmark. The assessment emphasizes that although the bank only offers simple financial products and primarily has private customers residing in Denmark, the bank’s customer portfolio consists exclusively of distance customers and the bank offers a number of different financial products.

 

Based on the inspection, there are two areas that give rise to supervisory reactions.

The Danish Financial Supervisory Authority found that in its risk assessment, the bank does not adequately identify and assess the inherent risk that the bank may be used for money laundering or terrorist financing. This is particularly true of the risk that the bank may be abused for terrorist financing. The bank is therefore instructed to revise its risk assessment.

 

Finally, the bank is instructed to revise its money laundering policy so that it clearly identifies and defines what business the bank will carry out, given that the bank must be able to effectively prevent money laundering and terrorist financing.

Link:

Finanstilsynet notice

Press Releases

Fraudulent website related to The Bank of East Asia, Limited

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Bank of East Asia, Limited on fraudulent website, which has been reported to the HKMA. Hyperlink to the press release is available on the HKMA website for ease of reference by members of the public.

Anyone who has provided his or her personal information to the website concerned or has conducted any financial transactions through the website should contact the bank concerned using the contact information provided in the press release, and report to the Police or contact the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force at 2860 5012.

 

Hong Kong Monetary Authority
26 August 2019

Link:

HKMA Notice

The Export Control Joint Unit has published the latest edition of the Export Control Training Bulletin. This edition has details of courses from September to December 2019.

The new edition is in HTML format, to make the contents searchable online. We have also published the bulletin as a PDF, for you to download and print as a booklet if you wish. See the Export Control Training Bulletin publication page.

The publication page also features the booking form.

For general export control queries please contact our Helpline on 020 7215 4594 or email: exportcontrol.help@trade.gov.uk

 

Business Awareness Unit  Export Control Joint Unit

The Events page will be updated shortly.

Links:

Export Control Training Bulletin (September-December 2019) – HTML, PDF

The economic crime plan sets out 7 priority areas that were agreed in January 2019 by the Economic Crime Strategic Board, the ministerial level public-private board charged with setting the UK’s strategic priorities for combatting economic crime:

  • develop a better understanding of the threat posed by economic crime and our performance in combatting economic crime

  • pursue better sharing and usage of information to combat economic crime within and between the public and private sectors across all participants

  • ensure the powers, procedures and tools of law enforcement, the justice system and the private sector are as effective as possible

  • strengthen the capabilities of law enforcement, the justice system and private sector to detect, deter and disrupt economic crime

  • build greater resilience to economic crime by enhancing the management of economic crime risk in the private sector and the risk-based approach to supervision

  • improve our systems for transparency of ownership of legal entities and legal arrangements

  • deliver an ambitious international strategy to enhance security, prosperity and the UK’s global influence

Read the Economic Crime Strategic Board January meeting agenda and minutes.

Links:

Economic Crime Plan – HTML, PDF

Yesterday, UK regulators renewed the Final Designations of:

1. EJERCITO DE LIBERACION NACIONAL (ELN)

a.k.a: National Liberation Army Other Information: Both UK listing and EU listing. Listed on: 02/11/2001 Last Updated: 09/10/2018 16/09/2019 Group ID: 7364.

2. SENDERO LUMINOSO (SL)

a.k.a: Shining Path Other Information: Both UK listing and EU listing. Listed on: 02/11/2001 Last Updated: 09/10/2018 16/09/2019 Group ID: 7440.

made under the Terrorist Asset Freezing etc Act 2010 (TAFA) for the statutory maximum of 1 year, or until revoked.

Link:

OFSI Notice

Press Releases

Phishing email related to The Hongkong and Shanghai Banking Corporation Limited

The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by The Hongkong and Shanghai Banking Corporation Limited on phishing email, which has been reported to the HKMA. Hyperlink to the press release is available on the HKMA website for ease of reference by members of the public.

Anyone who has provided his or her personal information to the email concerned or has conducted any financial transactions through the email should contact the bank concerned using the contact information provided in the press release, and report to the Police or contact the Cyber Security and Technology Crime Bureau of the Hong Kong Police Force at 2860 5012.

 

Hong Kong Monetary Authority
27 August 2019

Link:

HKMA Notice