Denmark

New Documents

Danish Gambling Authority Reports Tipwin Limited for Breaches of AML Act

On June 21, 2022, the Danish Gambling Authority reported Tipwin Limited for breaches of anti-money laundering provisions regarding its obligation to carry out risk assessments, policies, business procedures, supervision, and staff training related to its sale of gambling products.

June 27, 2022

Lithuania, Denmark Commit to Imposing Sanctions on Russia

The Lithuanian government issued a press release following a meeting between President Gitanas Nausėda and Danish Prime Minister Mette Frederiksen on strengthening Europe’s energy independence.

April 1, 2022

Danish Regulator Prioritizes Combating ML to Maintain Financial Stability

December 8, 2021

GRECO Report on Denmark Highlights Lack of Anti-Corruption Progress

November 29, 2021

Governor of Denmark’s National Bank Discusses Challenges of Launching Digital Euro

May 17, 2021

News

Weekly Roundup: US Lawmakers Advance AML Whistleblower Bill, Gibraltar Disregards FATF Warning, and More

Austrian bank’s legal appeal rejected, former Privatbank manager fined for AML violations, and more, in the weekly roundup.

June 24, 2022

Midweek Roundup: Research Group Linked to Kyiv Missile Attack Used ‘Visa Payment System,’ FinCEN Targets Elder Financial Exploitation, and More

U.K judge dismisses JP Morgan Chase lawsuit, Star Entertainment Group triggers second AML investigation, and more, in the midweek roundup.

June 15, 2022

Weekly Roundup: Police Raid Deutsche Bank, Danske Bank Enters Penalty Negotiations, and More

April 29, 2022

Weekly Roundup: HSBC Lands New AML Penalty, Falcon Private Bank Faces Swiss Fine, and More

December 18, 2021

Sanctions Shortcomings Bring Danske Bank Trouble at Home

November 18, 2021

Enforcement Actions

Danish Gambling Authority Reprimands Hillside (New Media Malta) plc for AML Breaches

Spillemyndigheden, the Danish Gambling Authority, reprimanded the Malta-based company for allowing a young player to deposit about DKK 190,000 in a period of a year without having sufficient knowledge of whether the player’s funds originated from criminal proceeds.

May 25, 2022

Danish Regulator Reprimands Unibet (Denmark) Limited for AML, KYC Violations

Spillemyndigheden, the Danish Gambling Authority, reprimanded the Malta-based online casino for violating its anti-money laundering obligations.

February 21, 2022

Danish Gambling Authority Reprimands Reel Denmark Limited for AML Act Breaches

February 14, 2022

Danish Gambling Authority Reprimands Cashpoint Limited for Insufficient AML Measures

January 28, 2022

Danish Gambling Authority Warns Mr. Green of KYC Failures

January 24, 2022

Key Documents

Denmark Updates Consolidated AML/CFT Act

August 13, 2013

Denmark Issues List of Potential Money Laundering, Terrorist Financing Indicators

November 30, 2008

Denmark Amends KYC Regulations, Defines PEPs

July 15, 2008

UN Office Publishes Money Laundering, Terrorism Financing Excerpts from Denmark's Criminal Code

April 1, 2006

UN Publishes Excerpt on Denmark's Asset Forfeiture Provisions

March 4, 2009

Important Facts

  • The U.S. State Department characterizes Denmark as a monitored jurisdiction. The Kingdom of Denmark is neither a major international financial center nor a center for significant financial crimes. Money laundering is generally related to foreign criminal activity, including the sale of illegal narcotics, specifically cocaine, heroin and amphetamines. Outlaw motorcycle gangs have been involved in a range of criminal activity including narcotics-related offenses, smuggling of goods and various financial crimes. No indications of trade-based money laundering exist related to drug trafficking in Denmark and public corruption is virtually non-existent. Denmark is geographically vulnerable as a transit country for smuggling into Sweden and Norway.
  • KYC Covered Entities: Banks, electronic money institutions, and currency exchanges; insurance brokers and intermediaries; pension and mutual funds; securities brokers and dealers; portfolio, asset, and capital managers; financial leasing and factoring entities; issuers and processors of credit cards, traveler’s checks, and money orders; accountants and auditors; real estate agents; trust and company service providers; attorneys; real estate agents; and casinos
  • STR Covered Entities:  Banks, electronic money institutions, and currency exchanges; insurance brokers and intermediaries; pension and mutual funds; securities brokers and dealers; portfolio, asset, and capital managers; financial leasing and factoring entities; issuers and processors of credit cards, traveler’s checks, and money orders; accountants and auditors; real estate agents; trust and company service providers; attorneys; real estate agents; and casinos
  • Enhanced Due Diligence Procedures for PEPs: Foreign: Yes; Domestic: No
  • Money Laundering Criminal Prosecutions/Convictions: Prosecutions: N/A; Convictions: N/A
Source: 2016 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 6 High : 0
Largely Compliant : 32 Substantial : 3
Partially Compliant : 2 Moderate : 6
Non-Compliant : 0 Low : 2

Denmark's technical compliance was re-rated in a Feb. 16, 2021 follow-up report.

BASEL i

Rank : 8/110
Score : 3.46/10

TRANSPARENCY INTERNATIONAL i

Rank : 1/179
Score : 88/100

Tax Justice Network i

Rank : 97/133
Score : 45/100