Denmark’s Ministry of Justice and regulator team up for new AML campaign
Government puts weeding out money laundering and possible terrorist financing firmly at the feet of private companies
Denmark’s Ministry of Justice has unveiled its new national strategy to prevent and combat money laundering and the financing of terrorism.
The initiative has been prepared in conjunction with a number of private organisations and authorities, with the Danish Gambling Authority among those consulted.
It replaces the previous national strategy which came into effect in 2018 and will be reviewed again in 2025.
The report highlights the fact that “society does not stand still” and there needs to be a “focused and coherent effort” over the coming years with private companies as the first line of defence against criminal activity.
Private companies are reminded that they have a “duty to conduct customer due diligence procedures, monitor their customers and their activity and to notify the money laundering secretariat” in the event of any suspicious activity.
Primarily, the government is urging a strong and close cooperation between private companies and authorities.
According to the update, risk assessments must form the basis for “a more risk-based approach across both authorities and private companies”.
Highlighted is the need for greater communication and coordination between authorities and companies.
Secondly, companies are being urged to up their inspection efforts with “coherent, risk-based and targeted” customer insights.
The risk assessments are expected to “contain a more systematic review of threats”, which includes risk considerations when it comes to money laundering and crime associated with it.
There are currently 39 online gambling licensees in Denmark including Betsson, Betfair, LeoVegas and Pokerstars.
Sharing of data between authorities and private companies has been pinpointed as another area for improvement.
The document from the Ministry of Justice stated: “New technology for advanced data analysis also makes it possible to quickly examine behaviour for a large number of companies, compile data and find patterns that suggest criminal conduct.
“Against this background, the authorities can also establish the basis for a far more accurate selection of risk items and thus increase the effect of the control effort.”
Denmark’s industry-wide GGR rose 20.8% in Q1 2022.