As Denmark Looks To Tighten Its Banks' Money Laundering Defences, Neil Williams Of Financial Crime Specialists Rahman Ravelli Considers The Implications

RR
Rahman Ravelli Solicitors

Contributor

Rahman Ravelli is known for its sophisticated, bespoke and robust representation of corporates, senior business executives and professionals in national and international matters.
It is one of the fastest-growing and most highly-regarded, market-leading legal practices in its field. This is due to its achievements in criminal and regulatory investigations and large-scale commercial disputes involving corporate wrongdoing and multi-jurisdictional enforcement, and its asset recovery, internal investigations and compliance expertise.
The firm’s global reach, experienced litigators and network of trusted partner firms ensure it can address legal matters for clients anywhere in the world. It combines astute business intelligence and shrewd legal expertise with proactive, creative strategies to secure the best possible outcome for all its clients.
Rahman Ravelli’s achievements in certain cases have even helped shape the law. It is regularly engaged by other law firms to provide independent advice.

Denmark is proposing greater independence and more demanding qualifications for bankers hired to prevent money laundering in an attempt to avoid more Danske Bank-style scandals.
United Kingdom Government, Public Sector

Denmark is proposing greater independence and more demanding qualifications for bankers hired to prevent money laundering in an attempt to avoid more Danske Bank-style scandals.

A report from the country's Financial Supervisory Authority (FSA) says supervisory boards should be in routine, direct contact with the heads of their anti-laundering departments - and they should be the only ones with the power to dismiss them. It adds that senior managers should have at least five years' experience combating laundering and, in order to prevent any possible conflicts of interest, should not have any other responsibilities. Learn more about anti-money laundering investigations here.

The report comes almost two years after Danske Bank - Denmark's biggest bank - was in the headlines when it was discovered that suspicious transactions involving an estimated 200 billion euros had passed through its small branch in Estonia.

The FSA has warned that while the larger institutions are strengthening their anti-money laundering measures the smaller banks may now be at greater risk. It is an argument that needs to be heeded. As the focus of regulation grows ever tighter, those seeking to launder money will be looking for any signs of weakness that could be exploited. This will mean that the banks that have not ensured their controls are sufficiently robust will be the ones who find themselves targeted by opportunists seeking to channel their funds through the banking system.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More