Danske Scandal Has Regulators Fighting Back Against Bank Lobby
A customer uses an ATM outside a Danske Bank A/S branch in Copenhagen, Denmark.
Photographer: Freya Ingrid Morales/Bloomberg
With the Danske Bank A/S scandal fresh in their minds, regulators in Denmark have fought back efforts by the financial industry to water down tougher anti-money laundering rules which are now due to be enforced next month.
As of October, Danish banks will be expected to live up to new guidelines that entail a continual review of risks across all levels of their organization, including systems of governance right down to individual customer accounts. The country’s financial industry had lobbied for a simpler approach, arguing the new setup is too onerous. But the Financial Supervisory Authority says it has rejected the industry’s arguments.