Regulatory Alerts2020-05-25
Order on Policy for a Healthy Corporate Culture in Credit Institutions etc.
The Danish Financial Supervisory Authority and the Ministry of Industry, Business and Financial Affairs issued this order requiring credit institutions, e-money institutions, and payment institutions to establish a written policy promoting a healthy corporate culture. The policy must define ethical standards, address risks of financial crime and regulatory breaches, and outline acceptable behavior, with the board of directors bearing ultimate responsibility for its development and annual review. The managing director is tasked with implementing the policy in daily operations and reporting on compliance, with violations subject to fines and potential corporate criminal liability.
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