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New guidance on section 63 of the Payment Act and the Money Laundering Act

A new guide will make it easier for banks and payment institutions to navigate both the Payment and Money Laundering Act. The Danish Competition and Consumer Authority and the Danish Financial Supervisory Authority have prepared the guidelines on the basis of a number of specific cases in the Danish Competition and Consumer Authority regarding section 63 of the Payment Act and the issues that have been raised in this connection.

The new guide, entitled “Guidance on section 63 of the Payment Act”, is intended to make it easier for both banks and payment institutions to navigate section 63 of the Payment Act and the Money Laundering Act. 

Section 63 of the Payment Act stipulates that banks must give payment institutions access to open bank accounts on objective, non-discriminatory and proportionate terms.

The Money Laundering Act stipulates i.a. requirements for how banks and other companies must establish customer relationships in the money laundering area, including with payment institutions.

“It is important that both banks and payment institutions know their obligations and rights, even when we are dealing with legislation that has such a close interrelationship as the one in question here. The new guidelines will make this even clearer, ”says Deputy Director of the Danish Financial Supervisory Authority, Rikke-Louise Ørum Petersen.

The background for the new guidelines is a number of specific cases at the Danish Competition and Consumer Authority, where the parties, among other things, questions have been raised about the interplay between the rules in section 63 of the Payment Act and the Money Laundering Act.

The guide is expected to be revised as, among other things, further practice on section 63 of the Payment Act emerges.

Links:

Finanstilsynet Notice

Guidance document

Categories: Anti-Money Laundering Finanstilsynet Updates Guidance

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