The Danish Anti-money Laundering Act requires us as a bank to have a solid knowledge of all our customers. This is to help prevent fraudulent use of the financial system.
Also, by knowing our customers, we are able to take action if a customer behaves in an unusual way or if we see that unusual transactions are being made via the customer's account. We are under an obligation to notify the authorities if we suspect that a transaction may be illegal.
When we know every single one of our customers and understand how they use our products and services, we are able to protect the individual customers against fraud and can spot criminals who exhibit behaviour that stands out from the norm.
One day, a large amount of money is transferred from your account to an account abroad. If we know that you are a Danish citizen who lives in Denmark and rarely or never transfers money to accounts abroad, we will contact you to find out whether the transfer is legitimate.
We understand that some customers may feel inconvenienced or even irritated when we ask for proof of identity and/or other information. But just as the security checks at an airport ensure that all travellers can enjoy a safe flight, it is both necessary and in the best interests of us all that we comply with KYC regulation and keep the information we have about our customers up to date.