Danske Bank Watchdog Calls for EU Debate on Client Secrecy Rules
- Danish FSA says rules limit measures to fight money laundering
- Denmark still dealing with aftermath of Danske laundering case
A Danske Bank A/S branch in Aarhus, Denmark.
Photographer: Cathrine Ertmann/BloombergThis article is for subscribers only.
The financial watchdog overseeing Danske Bank A/S says the European Union needs to re-examine the limits of client privacy if it’s serious about fighting money laundering and other forms of financial crime.
Jesper Berg, the director general of the Financial Supervisory Authority in Copenhagen, says Europe must acknowledge that the current bias toward bank secrecy means “substantially more resources” are being spent on trying to catch illicit transactions. It also adds to the risk that there’ll be “some money laundering we won’t get at.”