- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Neil Hodge2022-09-15T17:03:00
Danske Bank was fined 1.82 million euros (U.S. $1.82 million) by the Central Bank of Ireland (CBI) on Tuesday for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
The bank was found to have committed three breaches under Ireland’s Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA) for failures relating to transaction monitoring; enhanced customer due diligence; and anti-money laundering (AML)/countering the financing of terrorism policies, procedures, and controls.
Danske’s problems stemmed from its use of historic data filters that predated the CJA and had not been updated to account for new compliance requirements within the legislation, the CBI explained in a press release. This led to some categories of customers being mistakenly excluded from transaction checks, including customers rated by Danske as medium and high risk.
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Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.
It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
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