The inspection was a study of the white-water area as part of the ongoing oversight of the bank.
Summary and risk assessment
Jyske Bank A / S is the second largest Danish bank.
Finanstilsynet estimates that the bank’s inherent risk of being abused for money laundering or terrorist financing is high.
Finanstilsynet has found that the bank has devoted considerable resources to strengthening its measures against money laundering and terrorist financing and that the bank has implemented significant measures in this area.
The bank is ordered to revise its risk assessment and its money laundering policy.
The bank is ordered to ensure that there is sufficient independence between the money launderer and the compliance function.
In addition, the bank is ordered to ensure that there is sufficient control over the subsidiary in Gibraltar and the branch in Hamburg.
In addition, the Bank is required to ensure that sufficient customer recognition procedures are implemented through the establishment of cross-border correspondent banking links.
The Bank is ordered to ensure that its business processes and systems ensure that the necessary information about a business relationship is obtained.
Finally, the bank is ordered to ensure that the electronic transaction monitoring includes information about the purpose and nature of the customer relationship.