Denmark AML Compliance Under Par Says FATF

By Brian Cullingworth, Last updated Aug 11, 2017

Independent body finds room for improvement

The Financial Action Task Force (FATF), an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction, has criticised Denmark’s compliance with the FATF 40 recommendations along with the level of Denmark’s AML/CFT system, saying the system must be strengthened.

The body made its findings this week following an assessment undertaken late last year.

FATF found overall, that there is an inadequate understanding of risk and weak implementation of Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) measures in almost all segments of the Danish financial sector.

“With the exception of casinos, Targeted Financial Sanctions Related to Terrorism and Terrorist Financing (TFS) knowledge and compliance by designated non-financial businesses and profession (DNFBPs) is poor as is their understanding of risk and implementation,” FATF’s report reveals.

The report recommends Denmark revise its risk assessment methodology, develop and implement national AML/CFT policies based on the assessment , provide a clear strategy to address the risks identified and appoint a lead authority to coordinate and mitigate TFS risks.

The full text can be accessed here:

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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