Denmark Readies Stiffer AML Penalties Amid Danske Probe

Law360, London (January 30, 2019, 1:24 PM GMT) -- Denmark’s financial services regulator is proposing tough new penalties for banks that fail to clamp down on suspected money laundering in the aftermath of the Danske Bank scandal that has tarnished the country’s reputation as one of the least corrupt in the world.

The Danish Financial Supervisory Authority said Tuesday it has made 23 proposals to the government that would toughen liability rules for senior bankers and avoid a repeat of the troubles engulfing Danske and its tiny Estonian branch.

The authority has recommended that the "fit and proper" test for top executives should be revised, and that it should be given...

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