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Danish Regulator Reports Danske Bank for Market Abuse, Launches AML Enquiry

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Denmark’s Financial Supervisory Authority (FSA) has reported the country’s largest lender, Danske Bank, for violating the prohibition on market manipulation. The regulator alleges that the bank facilitated “wash trades” (where the same entity both buys and sells securities) between 2016-19, as well as failing to properly monitor and report transactions. Danske’s chief compliance officer Philippe Vollot has admitted that the bank did not have “adequate market monitoring in place”. Last week, the FSA also announced that it would be carrying out a cross-sector AML inspection of transaction monitoring at Danske Bank.

An inspection report of Danske Bank published by the FSA in November 2019 found “significant weaknesses in its governance of IT security and risks.”

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