Like all other banks, Danske Bank must be able to document that we know who our customers are and understand how they use our products and services. This obligation is stipulated in the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism (Lov om forebyggende foranstaltninger mod hvidvask og terrorfinansiering) – also known as the Danish Anti-Money Laundering Act (Hvidvaskloven).
In accordance with sections 7, 10 and 11 of the Act, we must also ensure that this information is updated on a regular basis.
In addition, like all other banks, we are obliged to comply with the FATCA and CRS, which are two international tax agreements. You can read more about them here (in Danish).
It is up to Danske Bank to assess what questions and information are necessary to comply with the objective of the legislation.
We will typically ask about the business’s customers, suppliers and expected turnover, and, in some cases, we may also need other information.
If you are a District user, read more here.