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MONEY

Regulator finds ‘high risk’ of money laundering and terror financing at Danish bank

Denmark’s financial sector regulator said on Tuesday that the bank Spar Nord carries a ‘high risk’ of being used for money laundering and financing of terror activities.

Published: 19 March 2024 17:02 CET
Regulator finds 'high risk' of money laundering and terror financing at Danish bank
Spar Nord has been issued with seven different orders to guard against money laundering and use of funds to finance terror. Photo: Ida Marie Odgaard/Ritzau Scanpix

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.

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MONEY

How you can help Denmark design its new bank notes?

Denmark is in the process of designing its new banknotes, and nearly 70,000 people have already shared their opinions. Here's how you, too, can contribute.

Published: 27 May 2024 17:25 CEST
How you can help Denmark design its new bank notes?

Currently, Danish banknotes feature images of bridges and ancient finds. In the past, they have showcased prominent figures such as authors and scientists.

However, from 2028-29, the new banknotes could depict themes of everyday life, flowers, and the sea on one side, while the other side will feature famous Danes and their achievements.

That’s why Danmarks Nationalbank, the country’s central bank, is now encouraging the public to contribute ideas for the new banknotes via their questionnaire.

Public input collected via questionnaire

Participants who take part in this questionnaire can suggest themes which fit these categories (flowers, everyday life, and the sea) or nominate notable Danes.

During the first 14 days of the feedback period, 68,000 people had already completed it, providing input on the future look of the country’s currency.

Niels Kaas, the Chief Cashier of Danmarks Nationalbank, told DR he was surprised and satisfied with the high level of participation, noting that this input is highly valuable.

Dual focus: Security and aesthetics 

The redesign aims to enhance security and prevent counterfeiting.

As Kaas said, banknotes serve as both a means of payment and a work of applied art. This dual function requires a focus on both security and aesthetics in the design process.

While Denmark’s central bank will handle the security aspects, the aesthetics are open to public input.

The bank has also received over 150 proposals from 41 educational institutions and museums specialising in cultural and natural sciences.

To have your say in the design of Denmark’s new banknotes, visit Danmarks Nationalbank’s website and complete the questionnaire by June 2nd.

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