We continually work to improve our PROCESSES,
controls and systems to enhance our ability to prevent financial crimes
- Improving customer on-boarding and data quality
As a bank, we are required by law to review our customers to better understand who they are, why they want to become clients of Danske Bank, and how they intend to use our services.
We have refined and launched new digital platforms and tools to optimise our Know-Your-Customer (KYC) data collection and enhance quality of existing KYC data, allowing us to validate the data faster and make it easier to become a client of Danske Bank. These initiatives include using our customers’ preferred digital communications channels for data collection.
- 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.
- Continued enhancement of transaction monitoring systems
Monitoring and screening of customers and their transactions are a vital part of Danske Bank’s financial crime defence.
We have expanded our automated monitoring and surveillance of transactions and communications by utilising technologies to optimise the process and target relevant risks, and we continue to strengthen our systems to identify potentially unusual patterns by implementing new and improved technologies.
- Improved investigation and reporting
At Danske Bank, we are increasing our investigation efficiency and effectiveness to ensure that any suspicion of financial crime is reported to the relevant authorities for further investigation.
We have enhanced the coverage of our investigations and the speed in which our investigators are able to identify potential financial crime risks by implementing new data analytics and visualisation systems. This provides both our management and relevant authorities with higher quality suspicious activity reports.
- Complying with financial sanctions
Danske Bank complies with financial sanctions imposed by the UN, the EU, the UK, the USA, and any other applicable sanctions as appropriate.
We have processes in place to ensure that we do not offer banking services to sanctioned parties, and that we do not engage in transactions or activities in violation of sanctions.
Moreover, with limited exceptions, we do not facilitate any business or transactions involving North Korea, Iran, Syria and the Crimea territory of Ukraine. We may consider processing specific transactions involving these territories, such as humanitarian aid, if we receive a request from our customer in advance.
We may, in our sole discretion, decide not to process transactions, provide certain products or services, or otherwise decline to facilitate transactions, where these activities fall outside of our risk appetite.