INSIGHT: Our job is to 'continue to apply pressure' on banks and FIs to be compliant, says top EU watchdog Jesper Berg who predicts 'large fines' over Danske Bank AML scandal - AML Intelligence
Compliance & Anti-Financial Crime
Leadership | Insight | Network

Financial Services

INSIGHT: Our job is to ‘continue to apply pressure’ on banks and FIs to be compliant, says top EU watchdog Jesper Berg who predicts ‘large fines’ over Danske Bank AML scandal

By Elizabeth Hearst

The Director General of Denmark’s Financial Services Authority has called for increased collaboration between banks and financial institutions to crack down on illicit finance.

Speaking at the AMLi Boardroom Series, Jesper Berg said money laundering and terrorist financing “undermine our society”, adding that “nobody should make money by facilitating these activities”.

If we are to seriously tackle money laundering in the bloc, Berg believes we have two options, either we “write new legislation and establish new supranational institutions that control existing national AML supervisors and take over where they fail”, or “work together with banks”.

The latter would necessitate using “technology to provide them with information” possessed by government, thus allowing banks to use such information in their “Know Your Customer” (KYC) processes.

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!