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.