- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Neil Hodge2022-09-15T17:03:00
Danske Bank was fined 1.82 million euros (U.S. $1.82 million) by the Central Bank of Ireland (CBI) on Tuesday for omitting customers from automated financial crime checks between 2010-19 and failing to notify the regulator.
The bank was found to have committed three breaches under Ireland’s Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (CJA) for failures relating to transaction monitoring; enhanced customer due diligence; and anti-money laundering (AML)/countering the financing of terrorism policies, procedures, and controls.
Danske’s problems stemmed from its use of historic data filters that predated the CJA and had not been updated to account for new compliance requirements within the legislation, the CBI explained in a press release. This led to some categories of customers being mistakenly excluded from transaction checks, including customers rated by Danske as medium and high risk.
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2022-04-29T13:17:00Z By Kyle Brasseur
Danske Bank has entered “initial discussions” with U.S. and Danish authorities on resolution regarding one of the world’s largest money laundering scandals that took place at its Estonia branch.
2022-04-06T13:40:00Z By Neil Hodge
The Danish Data Protection Agency has reported Danske Bank to the police and fined it 10 million Danish kroner (U.S. $1.47 million) over its failure to erase customers’ personal data in its systems in violation of the General Data Protection Regulation.
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It is not clear what action Danske Bank will take on the back of its investigation into Europe’s biggest-ever money laundering scandal, but it is a safe bet to think further improving compliance will be on the list.
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The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
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The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
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The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
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