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Finanstilsynet Inspection Report: Tavel A/S

Statement of inspection in Tavex A / S (money laundering area)

In November 2018, the Danish FSA was on inspection at Tavex A / S.

The inspection was an investigation of the money laundering area as part of the ongoing supervision of the company. The inspection included the company’s compliance with the White-Wash Act’s rules on customer knowledge procedures, as well as investigative and reporting obligations. The inspection was based only on the company’s currency exchange business.

Risk assessment and summary

The company is authorized to offer currency exchange. In addition, the company is a money transfer agent for TavexWise AS and Moneygram.

The company offers currency exchange operations in Copenhagen and serves both private and corporate customers. The company’s private customers mainly consist of tourists as well as locals from the area who need foreign currency for travel abroad. The company’s corporate customers consist of currency exchange companies, both Danish and Swedish, as well as local traders.

The Financial Supervisory Authority considers that the company’s inherent risk of being abused for money laundering or terrorist financing is high compared to the average of financial companies in Denmark. In the assessment, the FSA has placed particular emphasis on the fact that currency exchange operations are generally considered to have a high inherent risk of being exploited for money laundering or terrorist financing. includes cash-based companies and currency exchange companies, which are generally considered to pose a high risk.

Based on the inspection, there are some areas that give rise to supervisory reactions. In view of the time that has passed since the inspection was carried out, the Danish FSA is aware that conditions may have changed significantly. 

The company is instructed to ensure that the company identifies corporate customers and obtains identity information on real owners and that the information is verified.

The company is instructed to ensure that the company carries out stricter customer knowledge procedures in customer relationships where the company has assessed that there is an increased risk of money laundering and terrorist financing.

Finally, the company is required to review all complex and exceptionally large transactions, as well as all unusual transaction patterns and activities for a specified period, to identify any suspicious transactions and notify the Money Laundering Secretariat of the State Prosecutor for Special Economic and International Crime (SEARCH), if any whether money laundering or terrorist financing cannot be rebutted.

Link:

Inspection Report

Categories: Anti-Money Laundering Finanstilsynet Updates Inspection Reports

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