By David Moalem, Lars Lindencrone Petersen, Kristoffer Probst Larsen og Nikolai Villumsen.
The new Danish AML Act implements the last parts of the fourth Anti-Money Laundering Directive 2015/849/EU (AMLD IV) and takes effect on 26 June 2017. The Act implies a series of amendments to the applicable legislation, including in particular the rules governing foreign currency exchange services and compliance with the AML Act.
The objectives of the Danish AML Act and the AMLD IV are to introduce new regulatory measures that will strengthen the efforts against criminals’ illegal use of Danish legal entities and the financial system for the purposes of money laundering and terrorist financing. The objectives also include measures to secure and uphold the integrity of the financial system. Figure 1 illustrates the objectives of the new Act and its target audience.