Finanstilsynet Inspection Report: Møns Bank A/S
Statement on inspection in Møns Bank A / S (money laundering area)
In February 2020, the Danish Financial Supervisory Authority inspected Møns Bank A / S. The inspection was an investigation of the money laundering area as part of the ongoing supervision of the bank. The inspection included the bank’s organization in the area of money laundering, the bank’s policies, procedures and internal controls, as well as customer awareness procedures, including monitoring of private and business customers.
Risk assessment and summary
Møns Bank A / S is a locally based bank whose primary market area is Møn and Bogø. The bank also has branches in Næstved, Rønnede, Præstø and Vordingborg. The bank has a traditional business model with deposit and lending products, including uncomplicated financial products within the banking, asset management and investment areas.
The Danish Financial Supervisory Authority assesses that the bank’s inherent risk of being used for money laundering or terrorist financing is normal to high assessed in relation to the average of financial companies in Denmark. In the assessment, special emphasis is placed on the bank offering a number of financial products to both private customers and business customers. However, the bank limits its business to traditional financial products and is primarily based in its local area with customers who primarily reside in Denmark.
Based on the inspection, a number of areas have given rise to supervisory reactions.
The bank is ordered to ensure that the money launderer has sufficient resources to perform the position of money launderer.
On the basis of the cross-cutting off-site inspection carried out in December 2019 regarding the banks’ risk assessments, the bank has received an order to revise its risk assessment. In connection with this, the bank is instructed to ensure that the bank’s money laundering policy is based on the bank’s risk assessment, sets the bank’s overall strategic objectives in the area of money laundering, and contains the principled decisions on how the bank must address the risks of money laundering and terrorist financing.
The bank is instructed to ensure that the bank identifies and obtains sufficient identity information on the real owners of legal entities in order to ensure sufficient knowledge of the customers, and that this can be proven to the Danish Financial Supervisory Authority.
The bank is instructed to ensure that the bank in all customer relationships, including especially high-risk customers, makes an assessment of, and where relevant, obtains information about, the purpose of the business relationship and the intended nature. The bank is required to prepare and send a plan for when and how this is intended to be implemented.
Finally, the bank is instructed to update and update customer knowledge information for all customers in accordance with the Money Laundering Act and to set fixed intervals for when the customer knowledge information must be updated and updated. The bank is required to prepare and send a plan for when and how this is intended to be implemented.
Finanstilsynet Inspection Report
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