Poor Handling of Money Laundering Risk Triggers Danish FSA Alarm

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Denmark was “very close” earlier this year to ending up “in the worst company” amid a review of its anti-money laundering and terrorist financing efforts and more needs to be done, the country’s bank watchdog said.

Danish FSA Director General Jesper Berg said the financial industry shares responsibility for ensuring Denmark “doesn’t end up in the same situation again.” He urged banks to employ technology, for example, to strengthen their efforts to combat whitewashing, according to a a slide presentation given Monday at a conference organized by the industry group Finance Denmark.