All licensed businesses are reminded to report suspicious transactions that may be indicative of money laundering or other financial crimes
Denmark’s gambling authority, Spillemyndigheden, has issued a reminder for licensed businesses regarding their duties to report suspicious Anti-Money Laundering activities to the FIU – Denmark’s Money Laundering Secretariat.
The warning has been issued following the FIU’s move to update its ‘list of AML indicators’ that must be reported by Danish licensed-or-registered businesses that work within high-risk compliance sectors, such as banking, trading, insurance, and gambling.
The list of indicators has been published to aid enterprises and individuals in complying with the country’s Anti-Money Laundering Act and for the timely detection of potential money laundering or financing of terrorism.
Under Denmark’s Gambling Act of 2018, all licensed operators are required to report suspicious transactions that may be indicative of money laundering or other financial crimes. The act also mandates all businesses to report infringements of the FIU’s policies, which will help Denmark safeguard its financial networks maintained under the Anti-Money Laundering Act.
The FIU serves as the Danish government’s public prosecutor for economic crimes within domestic and international courts.
Regarding the AML duties, Spillemyndigheden stated, “The enterprises or persons subject to a reporting duty must send a report if they cannot dismiss a suspicion of money laundering or financing of terrorism.”
Additionally, the Danish gambling authority also warned licence holders of their duty to ensure that employees are aware of the ‘anonymous whistle-blower scheme’ made available for reporting AML infringements.
Operated independently, the whistle-blower scheme must be maintained by high-risk businesses according to Denmark’s Anti-Money Laundering Act. For effortless compliance with AML standards, Danish organizations can invest in AI-powered AML solutions to automate the screening of high-risk customers against PEPs and global watchlists.
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