Statement on inspection in 2BSafe IVS (money laundering area)
In June 2020, the Danish Financial Supervisory Authority inspected 2BSafe IVS. The inspection was an investigation of the money laundering area. The inspection included the company’s customer due diligence procedures as well as the company’s monitoring of its customers’ transactions.
Risk assessment and summary
2BSafe IVS is a payment and software company that is the developer and owner of Traday, which is a payment solution platform for users in online marketplaces.
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 its assessment, the Danish FSA has placed particular emphasis on the fact that remittances are generally considered to have a high inherent risk of being used for money laundering or terrorist financing. In addition, the Danish Financial Supervisory Authority has emphasized in the assessment that the company only has distance customers.
Based on the inspection, two areas have given rise to supervisory reactions.
The company is ordered to ensure that it performs sufficient customer due diligence procedures for all customers, and that this can be proven to the Danish Financial Supervisory Authority.
The company is also instructed to ensure that the company makes an actual and concrete risk classification of its customers in connection with the establishment of business relationships.