Jyske Bank fined for Money Laundering

Due to possible conflicts in banking regulations between Gibraltar and Spain, a considerable fine will be paid by Jyske Bank.

According to bank management, Spanish financial authorities have issued Jyske Bank a EUR 1.7 million fine for violating Spanish money laundering regulations.

Activities at a division of Jyske Bank’s in the British overseas territory of Gibraltar are at issue in the case. The Spanish authorities assume that they have been denied access to essential information.

Making the decision to fine the bank, the violations were described as “very serious”; Jyske Bank in Gibraltar was claimed to fail properly report, be unwilling to investigate certain transactions, and have inadequate control procedures.

It is worth noting that this was the 1st time a Danish bank has been fined for violating another country’s money laundering rules.

Jyske Bank has appealed the decision to the Spanish courts.

According to documentation from the Danish Financial Supervisory Authority, the case has been underway for some time. Authorities in Denmark were informed about the possible violations in November 2008 for the 1st time. Information on the case was exchanged between Denmark and Spain in March 2009.

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