The Financial Institutions Fight Against Money Laundering

Stine Holst Christensen & Kasper Beenfeldt Engskov

Student thesis: Master thesis

Abstract

The purpose of the thesis is to identify how compliance has changed in the financial institutions in Denmark including what has been done to make these changes and how the risks considering money laundering can be minimized in the future. In context to this we have analyzed some of the problems there is in anti-money laundering both for the financial institutions, but also for the governmental authorities. Our analysis and discussion indicate, that overall there has been an improvement on the subject from especially the financial institutions that are aware that they have been too slow to take the subject seriously and is therefore in these years spending more and more money on improving their anti-money laundering departments so they forward can stay compliant with the ever changing laws. When it comes to the public authorities’ involvement in anti-money laundering it has become clear, that they also need to keep improving and make the necessary investments, so they can keep with the ever rising cases that is being send from the financial institutions to the authorities, and most likely will continue to do so in the future. There have been several cases in the press lately about money laundering through big Danish financial institutions which we consider the main reason behind the many amendments in the law. We believe it is important for the financial institutions to have the necessary time to react and to implement the regulations the best way possible, whereas in the last few years there has been a constant change on the laws. We can thereby conclude, that the improvements made by the financial institutions has decreased the risks they have regarding potential money laundering, but there are still need for improvements on the subject, especially needed by the public authorities if we want to see a big step forwards in the fight for anti-money laundering. We do not think it is possible at least in the near future to completely eliminate the risks of possible money laundering but we will definitely see improvements that will reduce the risk.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
LanguageDanish
Publication date2019
Number of pages122