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.
Why are we asking questions and asking for proof of identity?
At Danske Bank, we are very focused on fighting financial crime. As a customer, you will also notice this. Like all other banks in the EU, we are under an obligation to follow what is known as Know Your Customer (KYC) regulation, which requires us to be able to document who our customers are and understand how they use our products and services.
We understand that you may feel inconvenienced or even irritated when we ask you for information and/or proof of identity. 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 the rules and keep the information we have about our customers up to date.
Please remember to update your information via Danske Mobile Banking or Danske eBankingHave you received a message from us in Danske Mobile Banking or Danske eBanking about updating important information? If so, you need to update your information there.
What do we need to know about our customers?
First of all, we have an obligation to document the identity of our customers, and we typically use copies of passports or driver’s licences for this purpose. If we do not already have a copy of your proof of identity, we will contact you directly.
If your nationality is not stated on your proof of identity (driver’s licence for example) or if we do not have the necessary documentation of your address, we will also ask you to provide this.
We also need to know whether a customer is a politically exposed person (PEP) or is closely related to such a person. If this is the case, you will not need to do anything – we will obtain the information ourselves from the Danish FSA’s publicly accessible register of PEPs.
What makes a person classify as a PEP? Read more about this in the FAQ section below.
You may also experience that we regularly ask you about which of our products and services you expect to use, your expectations regarding payments to and from your account and your regular transactions – and whether, for example, you plan to deposit cash in your account or transfer money abroad.
What specifically does this mean for you?
In practical terms, this has no significant implications for the majority of our customers. In most cases, we already have the information we need, but if we still need some information or require a copy of your proof of identity, we will of course contact you.
Please note that during the time that you are a customer with Danske Bank you will be contacted several times. This is because we have an obligation to update the information we have about our customers on a regular basis.
You can find a list of frequently asked questions and answers below. Also, if you are interested in reading the Danish Financial Supervisory Authority’s answers, with specific reference to the Danish Anti-Money Laundering Act, to frequently asked questions about why banks ask customers to provide proof of identity and ask questions about the financial situations of customers, you can find these here. (In Danish only)
Do you have any questions?
We are ready to answer any questions you may have.
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