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

Ritzau/The Local
Ritzau/The Local - [email protected]
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

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.


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.

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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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