Regulatory Alerts2023-04-11
Order on transactions covered by the fast-track scheme for anti-money laundering reporting
The Danish Ministry of Justice issued this order to define specific transactions that qualify for the fast-track anti-money laundering reporting scheme under the Money Laundering Act. It establishes that any transaction involving deposited funds of 1 million Danish kroner or more prior to execution is deemed to meet the criteria for immediate reporting. The regulation entered into force on June 1, 2023, simultaneously repealing the previous 2021 order on the same subject.
Order on transactions covered by the fast-track scheme for anti-money laundering reporting
Pursuant to Section 26, subsection 5, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism (the Money Laundering Act), cf. Act Consolidation No. 316 of 11 March 2022, the following is enacted:
Transactions of a significant or particularly suspicious nature
Section 1. A transaction subject to the reporting obligation in Section 26, subsection 1, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism is considered to be covered by Section 26, subsection 4, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism if it concerns deposited amounts of 1 million DKK or more before the transaction is carried out.
Entry into force
Section 2. This Order enters into force on 1 June 2023.
Subsection 2. Order No. 2644 of 28 December 2021 on transactions covered by Section 26, subsection 4, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism (fast-track scheme for anti-money laundering reporting) is repealed.
Ministry of Justice, 11 April 2023
Peter Hummelgaard / Niklas V. Johansen
Law Gazette A 2023 Published on 27 April 2023 11 April 2023. No. 431. Ministry of Justice, file no. 2021-5002-0041 AA013596