Finanstilsynet Enforcement Action: Iftin Express

Statement of Inspection in Iftin Express v / Said Mohamed Said Jama (Laundering)

Finanstilsynet was in November 2017 on inspection in Iftin Express v / Said Mohamed Said Jama. 

Summary and risk assessment

The company has a limited license to provide payment services in Denmark and primarily conducts transactions to Somalia. 

Money transfer business is generally considered to have a significant risk of being used for money laundering or terrorist financing. 

The company is ordered to draw up a risk assessment, as the Danish Financial Supervisory Authority finds that the company does not have one.

In addition, the company is ordered to elaborate a money laundering policy and business processes that define the business defined by the money laundering policy as the desired business. 

Finanstilsynet has undergone a sample covering the period from 1 September 2016 to 1 September 2017. Based on the sample, the company receives a claim for insufficient customer knowledge. 

In addition, the company is charged with not having examined objectively suspect transactions during the same period. 

Link:

Finanstilsynet Notice

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