On Sep. 27, DEN GVT issued order on reporting under AML Act.
DEN GVT issued executive order on its risk assessment of companies and persons covered by the Money Laundering Act (act), and reporting of relevant information.
Follows DEN GVT May 2022, issued order on information to be reported, see #137321.
Scope of Order
As per ss. 49(7) and 78(6), Act on Preventive Measures against Money Laundering and Terrorist Financing (AML Act), cf. Consolidated Act 807 of Jun. 21, 2024.
Companies and persons as per AML Act must report information covered by subsection (3) of order on a quarterly basis with a deadline of Feb. 11, respectively.
12 May, 11 August and 11 November included respectively, and if a deadline expires on a weekend or on a public holiday, the deadline is extended to the next working day.
Reporting customer relationships both domestic and abroad are included in provisions.
Reporting Requirements
Reporting must be made electronically using reporting form on DEN FSA's website.
A fine shall be imposed on a person who, intentionally or with gross negligence, fails to comply with the electronic reporting obligation as set out in sections 1 and 2.
Criminal liability may be imposed on companies, etc. (legal persons) in accordance with the rules in Chapter 5 of the Danish Criminal Code as set out in the order.
Effectiveness
The executive order will enter into force on Dec. 30, 2024.
On the same day, Executive Order 552, May 2, 2022 on the reporting of information for use in DEN FSA's AML risk assessment of companies and persons, is repealed.
