Finanstilsynet AML program inspection of Exchange Kolding v / Mashal Imami finds no concerns

Report on inspection in Exchange Kolding v / Mashal Imami (the laundry area)

In February 2019, the Danish FSA was on inspection in Exchange Kolding v / Mashal Imami.

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 Western Union.

The company’s business model, for the part of the company that is linked to currency exchange, consists mainly of currency exchange for private persons who are going to use foreign currency for foreign travel and for people who are staying as tourists in Kolding.

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, the Danish FSA has placed particular emphasis on the fact that currency exchange activities are generally considered to have a high inherent risk of being used for money laundering or terrorist financing.

The Danish FSA did not find it necessary to give any reactions to the money laundering area.

Link:

Finanstilsynet notice

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