We continually work to improve our PROCESSES
, and consequently our defence systems, against financial crime.
- Optimisation of data quality and new ways of onboarding clients
Know Your Customer (KYC) rules require us to understand and document who our customers are, what the purpose of their business is and how they actually use the bank. We have launched several initiatives to improve the quality of our existing Know-Your-Customer (KYC) data, allowing us to validate this data faster.
- Continued enhancement of transaction monitoring systems
We continue to strengthen our systems to be able to identify an increased number of potentially unusual patterns (“scenarios”) in customer behavior or transactions.
These will make it easier and less burdensome for customers to update their data, for example by providing easy access via Danske Mobile Banking and by providing easy-to-complete online questionnaires.
Danske Bank complies with financial sanctions imposed by the UN, the EU and the USA (Office of Foreign Assets Control (OFAC)), and we have clear procedures in this area.
We have various processes in place to ensure compliance with international financial sanctions, including restrictions related to payments that involve certain countries.
- Requirements for international money transfers
We require complete information about the payer and recipient of international payments.
This means that several items of information about the payer and recipient must follow the transaction throughout the payment process. The purpose of these requirements is to prevent, investigate and trace money laundering and the financing of terrorism and to ensure that international payments are secure.