Denmark: Danske Scandal Has Regulators Fighting Back Against Bank Lobby

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With the Danske Bank A/S scandal fresh in their minds, regulators in Denmark have fought back efforts by the financial industry to water down tougher anti-money laundering rules which are now due to be enforced next month.

As of October, Danish banks will be expected to live up to new guidelines that entail a continual review of risks across all levels of their organization, including systems of governance right down to individual customer accounts. The country’s financial industry had lobbied for a simpler approach, arguing the new setup is too onerous. But the Financial Supervisory Authority says it has rejected the industry’s arguments.

“The banks would have liked to have had a tick-box,” Stig Nielsen, the head of anti-money laundering at the FSA in Copenhagen, said in an interview. “It’s easier for them and easier to explain to clients.”

Read the original article here: bloomberg.com


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