AMLA’s direct-supervision criteria may miss smaller high-risk banks, EMIs, PSPs and acquirers that enable cross-border fraud despite not meeting size or six-Member-State thresholds
In an interesting verdict from the Copenhagen City Court, Bo Stengaard, the former CEO of Københavns Andelskasse, has been handed a four-month suspended prison sentence for violations of Denmark’s Anti-Money Laundering Act during his tenure from 2017 to 2018. Stengaard admitted his failure to act on suspicious transactions totalling approximately
A huge fine turns out to be a pure joke! København Andelskasse (now FS Finans VI A/S), which was heavily involved in facilitating cybercrime activities from 2016 to July 2018, has been fined DKK 794 million (€103 million) for laundering billions on behalf of international cybercriminal organisations. While this substantial
Legal purpose of Financial Ombudsmen in Europe! According to Directive 2013/11/EU of the European Parliament and of the Council of 21 May 2013 on Alternative Dispute Resolution for consumer disputes and amending Regulation (EC) No 2006/2004 and Directive 2009/22/EC Alternative Dispute Resolution (ADR) like the Danish Financial Complaint Board are
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
UNZER’s Acquisition and the Role of Clearhaus A/S and KBH in Online Fraud. As of January 21, 2021, UNZER (formerly Heidelpay) announced its acquisition of two Danish payment companies: Clearhaus A/S, an acquiring company and payment institution regulated by the Danish FSA, and QuickPay, based in Aarhus, Denmark. This transaction
