Regulatory Alerts2020-03-26
Order on Relaxed Requirements for Customer Due Diligence Procedures for Electronic Money Issuers under the Money Laundering Act
The Danish Financial Supervisory Authority issued this order to exempt electronic money issuers from standard customer due diligence requirements under the Money Laundering Act, provided specific risk-mitigation conditions are met. These conditions include limiting the maximum stored value and monthly transaction limits to 150 euros, restricting usage to domestic purchases of goods or services, and prohibiting financing with anonymous electronic money. The regulation entered into force on April 1, 2020, repealing the previous 2017 order on relaxed requirements.
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