Danish pension firms censured for failure to ID money-laundering risks
Six Danish pension providers have been ordered to revise their risk assessments regarding money laundering, after the country’s financial watchdog followed through on a tightening of the regulations at the end of last year.
AP Pension was given several official orders to correct procedures, while others, such as Danica Pension and PenSam, got away more lightly following a series of inspections conducted by the Danish FSA.
The FSA said it had conducted an investigation into the risk assessments of life insurance and pension companies regarding money-laundering in the fourth quarter of 2020, involving risk assessments of 10 firms.
The probe was to see if the firms were complying with paragraph 7 subsection 1 of the Money Laundering Act, which says businesses must do a risk assessment identifying and assessing the risk they could be used for money laundering and terrorist financing, it said.
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