Statement on inspection in Coinify ApS (money laundering area)
In May 2020, the Danish Financial Supervisory Authority inspected Coinify ApS. The inspection was an investigation of the money laundering area. The inspection included the company’s policies, procedures and internal controls as well as customer due diligence procedures including monitoring of customers.
Risk assessment and summary
The company is registered in accordance with the Money Laundering Act, section 48, subsection. 2. The company
The Danish Financial Supervisory Authority assesses that the company’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, the Danish Financial Supervisory Authority has placed special emphasis on the company having a simple business model without the possibility that the company’s customers may have deposits in the company. Conversely, the company’s customer portfolio consists exclusively of distance customers, and the company’s services are suitable for money laundering and terrorist financing.