Finanstilsynet inspects Nokas Vaerdihandtering A/S

Report on inspection in Nokas Værdihåndtering A / S (whitewash area)

The Danish FSA was in March 2019 an inspection at Nokas Værdihåndtering A / S. 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. 

Summary and risk assessment

The company is authorized for currency exchange.

The company’s purpose is to carry out transport and security activities and related business, including currency exchange activities. The company only has business customers, primarily banks and retail companies, who need to exchange exchange rates and travel currency. 

The Danish Financial Supervisory Authority considers that the company’s inherent risk of being abused for money laundering or terrorist financing is highly assessed 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 company is instructed to ensure that it identifies corporate customers and obtains identity information on real-estate owners, as well as checks on the information.

In addition, the company is charged with not having recorded and retained the results of examinations of unusual or suspicious transactions before December 2018. 

Link:

Finanstilsynet Inspection Report

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s