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Finanstilsynet aims to be a better AML regulator

The FSA is strengthening its supervision in the area of ​​money laundering

Since summer, the Financial Supervisory Authority has, in collaboration with an international consulting firm, developed the money laundering supervision in three important areas as a follow-up to the political agreement.

Since the summer, the Danish FSA has, in collaboration with an international consulting firm, developed the money laundering supervision in three important areas:

Overall risk scoring model

Firstly, the Danish FSA has developed a new system for data-based risk assessment of the 1800 companies that are under the Danish FSA’s money laundering supervision. In future, the companies must report a number of data to the Danish Financial Supervisory Authority. These are data that provide a measure of the individual company’s risk of being used for money laundering or terrorist financing. By analyzing data, the Danish Financial Supervisory Authority will have a better basis for prioritizing which companies to investigate in the coming year.

inspection Manual

Secondly, the Danish FSA has developed a new and comprehensive inspection manual. It must ensure that the employees can be even better placed in the task and that a high and uniform quality of inspections will be achieved

Directory of methods of supervision

Thirdly, the Authority has had a catalog of methods of supervision drawn up. Since there are 1800 companies under the laundering supervision, it is not possible to go on inspections in all companies, not at all within a shorter number of years. The Financial Supervisory Authority would therefore like to supervise the companies in other ways. The Danish Financial Supervisory Authority continuously wants to test new methods.

The purpose of the three efforts is to increase the quality and efficiency of the money laundering supervision. The FSA must conduct so-called risk-based supervision. This means that supervision must be focused on where the risks of money laundering and terrorist financing are greatest. The new measures must ensure that this is done in the best way.

Link:

Finanstilsynet Notice

Categories: Anti-Money Laundering Finanstilsynet Updates

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