Fighting money laundering and terrorist financing must con-tinue during the Covid-19 crisis

Published 30-03-2020

At the moment, like the rest of the world, with the spread of Covid-19, Denmark is in a very special situation that has not been experienced before. The situation involves the governments of the world making a series of decisions both to curb the spread of the virus and to reduce the negative economic effects of the situation.

Unfortunately, there may be people who will try to exploit the situation to commit crime. In this, they may try to abuse the very large funds allocated by the Danish Parliament to the companies in order to mitigate the effects of the situation.

The fight against money laundering and terrorist financing is still of paramount importance. The Financial Supervisory Authority therefore calls on all the companies covered by the Money Laundering Act to pay particular attention to the changes in the pattern of crime that the Covid-19 crisis can cause. In particular, they need to be aware of the importance it has for companies’ monitoring the transactions and duty to notify the Money Laundering Secretariat (the Danish FIU) of suspicious transactions.

It is also important that the current situation does not cause companies to relax the procedures for implementing customer knowledge.

The Danish Financial Supervisory Authority itself continues our AML supervision. Thus, we also continue our inspections, although they have to be conducted without physical meetings. This is a new situation for both our employees and for the companies we are inspecting. However, the Danish FSA has been met with great understanding and great willingness to adapt by the companies we have had meetings with.

Last updated 30-03-2020