Ria Financial Services’ AML program passes the Finanstilsynet bar…
Report on inspection in Ria Financial Services, Denmark ApS (the laundry area)
In November 2018, the Danish FSA was inspected by Ria Financial Services, Denmark ApS.
The inspection was a study of the money laundering area as part of the ongoing supervision of the company. The inspection included company compliance with the rules on customer knowledge, monitoring, investigation, notification and listing.
Risk assessment and summary
The company is authorized for currency exchange. In addition, the company is a money transfer agent for Euronet Payment Services Limited.
The company’s business model, for the part of the company that is linked to currency exchange, consists mainly of currency exchange for people who are going to use foreign currency for foreign travel and for people who are staying as tourists in Copenhagen. The company currently only serves private customers, and it is typically a matter of exchanging amounts less than DKK 40,000 (or equivalent) and as a stand-alone transaction.
The Danish Financial Supervisory Authority considers that the company’s inherent risk of being abused for money laundering or terrorist financing is high in relation to the average of financial companies in Denmark. In the assessment, particular emphasis has been placed on the fact that currency exchange activities are generally considered to have a high inherent risk of being utilized for money laundering or terrorist financing.
The Danish FSA did not find it necessary to give any reactions to the money laundering area.
Categories: Anti-Money Laundering Finanstilsynet Updates