Denmark:Financial Sector Assessment Program-Technical Note-Next Steps for Cross-border AML/CFT Supervision

Financial Sector Assessment Program-Technical Note-Next Steps for Cross-border AML/CFT Supervision

Volume/Issue: Volume 2020 Issue 255

Publication date: August 2020

ISBN: 9781513553054

$18.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , International - Economics , ISCR , CR , stocktaking exercise , on-site inspection , DFSA budget , risk assessment , DFSA test , CFT supervision , CFT supervisor , CFT cooperation , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Money laundering , International cooperation , Commercial banks , Financial sector

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Malawi

Peru

Summary

The Danish authorities’ efforts to strengthen cross-border anti-money laundering and combating the financing of terrorism (AML/CFT) supervision continue to gather momentum. Since the Fund’s publication of a Selected Issues Paper on this subject in June 20192, the Danish authorities have made significant progress, including by conducting or participating in three multinational on-site inspections of banks; developing a new institutional risk assessment model; issuing an AML/CFT on-site inspection manual; and, via Act No. 1563 (2019), amending several pieces of legislation so as to bolster the monitoring and enforcement powers of the Danish Financial Supervisory Authority (DFSA), establish additional reporting requirements for the private sector, and stiffen the penalties for violations of AML/CFT obligations.