The assessment was announced by the Danish Financial Supervisory Authority (Finanstilsynet) in a statement in which it also said it had issued Spar Nord with a number of orders to tackle the issue.
The North Jutland-based bank must implement sufficient checks and procedures for “effective prevention, limitation and control of money laundering and terror financing risks,” the regulator said.
READ ALSO: REVEALED: The ‘best’ banks for foreigners in Denmark
That comes after the Financial Supervisory Authority inspected Spar Nord in November 2023 to investigate whether elements of Denmark’s anti-money laundering laws were being complied with.
Spar Nord has also been ordered to correct information it reported to the supervisory authority since the first and second quarters of 2021. The information relates to the bank’s “correspondent relations”, the regulator said.
A total of seven different orders were issued to Spar Nord.
Member comments