Efforts Against Money laundering
Jyske Bank runs a high, inherent risk of being abused for purposes of money laundering or financing of terrorism. The reason is our size as well as our business model, which involves a number of products and clients with high inherent risk.
Therefore our efforts to prevent money laundering and the financing of terrorism have been given the highest priority. We aim in all respects to prevent money laundering and financing of terrorism in order to fulfil the expectations of our clients, government authorities and society in this area. Such prevention is ensured through, among other measures, continuous training and education of employees, clear processes and guidelines, systematic monitoring and reporting
- Read an extract of our policy on prevention of money laundering and financing of terrorism at Jyske Bank [PDF]
- Read the most recent report from the Danish Financial Supervisory Authority (in danish) [PDF]
The Chairman of the Supervisory Board: Prevention of money laundering is more important that both earnings and advisory services
Prevention of money laundering has been given the highest priority by Jyske Bank, even if it comes at the cost of about 200 man years, says Sven Buhrkall, Chairman of Jyske Bank's Supervisory Board.
- Quite simply, we cannot accept Jyske Bank being used for purposes of money laundering and financing of terrorism. In consequence of this, we expect each employee of the Jyske Bank Group to do his or her utmost to avoid money laundering and financing of terrorism.
- In cooperation with Danish society as a whole, we have to perform the very important task of preventing money laundering and activities that finance terrorism, says the Chairman of the Supervisory Board.
About 1,400 alerts a month
AML (Anti Money Laundering) is the Jyske Bank department that investigates suspicious transactions.
The 12 team members receive on average 1,400 alerts each month, and about every sixth of these trigger a report to the Danish State Prosecutor for Serious Economic and International Crime.
An alert is triggered, for instance, by transfers of money to high-risk countries and transactions involving large cash amounts, explains Marianne Dyrby, Head of AML.
Almost 70% of the reports to the Danish State Prosecutor for Serious Economic and International Crime contains a cash element. Generally there are very few reports of suspicion of financing of terrorism, while reports of money laundering, particularly based on suspicion of social security fraud or tax evasion account, by far, for the majority of all reports.