New guidance on the Money Laundering Act
The Danish Financial Supervisory Authority has issued a revised version of the guidelines on the Money Laundering Act. The guide contains, among other things, changes to the collection and control of identity information on real owners.
The revised Guidance on the Prevention of Money Laundering and Terrorist Financing Act (the Money Laundering Act) has been prepared in close cooperation with industry organizations and relevant public authorities in the field of money laundering. The purpose of the guide is to support the companies in their work to live up to the Money Laundering Act.
The changes in the guidelines include the new requirements in the Money Laundering Act as a result of the implementation of the 5th Money Laundering Directive and the political agreements in the area of money laundering of 19 September 2018 and 27 March 2019. Industry organizations and authorities have also made proposals for adjustments in the guidelines.
The changes include the sections that describe correspondent connections and tightened customer knowledge procedures. A number of sections have also been added on the basis of new requirements in the Money Laundering Act. These include i.a. the ban on the use of the 500-euro banknote and the reporting obligation to the company’s board of directors on warnings about money laundering and terrorist financing.
Finally, the amendments to the guidelines include adaptations of sections on the collection and verification of identity information on beneficial owners. In future, companies may in certain situations refrain from obtaining the CPR number of the real owners or owners if the company can identify the real owners in another equally secure way.
Update of instructions
The Danish FSA updates the guidelines on an ongoing basis and will continue to involve private actors and public authorities in the work of ensuring the applicability and accessibility of the guidelines in relation to users.
The new guidelines on the Money Laundering Act replace the guidelines of 11 October 2018.
Rules for money laundering (new guide is in point 2)