During the past years, EFRI approached the Danish authorities frequently over the Kobenhavn Andelskasse money laundering case. Until now, we have been disappointed. They do not care a lot about European online fraud victims.
Next to Deutsche Handelsbank and the German Wirecard, Kobenhavn Andelskasse, a small Danish cooperative bank, showed up frequently on victim´s bank transfer vouchers.
Back in 2018, mainstream media reported a criminal investigation launched after a devastating audit report issued by the Danish FSA in September 2018 over massive anti- money laundering failures by the small bank.
Back then we also published a report about the interesting history of the bank.
We approached the Danish prosecutor!
On behalf of our victims EFRI filed a criminal complaint regarding the former board of management and owners of Kobenhavn Andelskasse with the Danish prosecutor in charge of the money laundering investigation in Denmark (dated Letter to the prosecutor 08012020 and 2nd letter to the prosecutor 30042020).
We were politely informed that as most of the owners and the management are not citizens of Denmark it is not possible to prosecute them in Denmark.
We filed a money laundering complaint against Moorwand Limited – a british EMI and its management and owners as they were also involved in Kobenhavn Andelskasse (FCA letter September 2019) with the FCA in London.
We were politely asked for more information. We delivered a lot more infomation to FCA and NOTHING happened. (Note: As of today Moorwand Ltd still has an active EMI-license and Robert Courtneidge is still on the streets, although he is evidenced to be on board an many different scams).
Up to today there are also no news from the Danish prosecutor about any indictments upcoming.
Letters send to the Danish authorities!
In summer 2021 we received a copy of the DSFA´s (Danish Financial Supervisory Authority) report on the investigation done on Kobenhavn Andelskasse from a whistleblower. The report detailed all the devastating shortcomings of the bank and its non-existent compliance department. We summarized the findings and approached the DFSA with a request letter.
Claims filed with the Danish Financial Ombudsman.
As of 8 September 2021, we also approached the Danish Financial Complaint Board and requested their support for the victims of Kobenhavn Andelskasse in line with the relevant EU Directive on alternative dispute resolution for consumer disputes.
Alternative dispute resolution organizations like the Danish Financial Complaint Board are requested to ensure access to simple, efficient, fast and low-cost ways of resolving domestic and cross-border disputes that arise from sales or service contracts. These organizations are supposed to
benefit consumers and boost their confidence in the market. That access should apply to online as well as to offline transactions and is particularly important when consumers shop across borders and are critical in establishing consumer trust in a functioning internal market.
Supposed to benefit consumers and boost their confidence!
After every single victim registered with EFRI had to register with the Danish Financial Ombudsman, the proceedings finally started at the end of December 2021.
As of 27 January 2022, we received the first reply to our claims from Finansiel Stabilitet, denying any responsibility. Since then, we exchanged letters (three letters from each side).
We send three letter to the Complaint Board: Letter to the Danish Ombudsman as of February 22, 2022, Letter to the Danish Ombudsman as of april 28 2022, Letter to the Danish Ombudsman as of 29 June 2022).
Finansiel Stabilitet send short replies on January 26, 2022, April 6 and June 7, 2022. As all letters have more or less the same content we publish only this one: letter from Finansiel Stabilitet as of 6 April 2022. They deny any responsibility.
On 18 October 2022, we were informed that the case was put forward to the Complaint Board for decision.
Only this week (14 March 2023) we were informed that the decision on our claim filed on 8 September 2021 would be made in the upcoming board meeting on 22 March 2023.
Up to today, the whole process was just an exchange of letters between EFRI/the victims (pointing to the devastating audit report and requesting appropriate actions) and Finansiel Stability (denying any responsibility).
Consumer confidence is not high priority in Denmark!
The Danish prosecutor did not care about the harmed European consumers, also Finansiel Stabilitet, as well as the Danish Financial Supervisory Authority, denied any responsibility. The Danish Alternative Resolution process is also neither fast nor efficient. By now, we also do not expect it to be effective. We may have to go to court in Denmark to get justice. A quite disappointing experience.