Regulatory Alerts2023-08-25
Order on a Central Automatic Mechanism for Information on Payment Accounts, Bank Accounts and Safe Deposit Boxes
The Danish Ministry of Business Affairs and the Financial Supervisory Authority issued this order to establish a central automatic mechanism for identifying physical and legal persons holding or controlling Danish payment accounts, bank accounts, or safe deposit boxes. Providers and their Danish branches are required to designate an operator to manage data processing and logging, while reporting specific customer and account details immediately upon request from the Money Laundering Secretariat or the Tax Administration. The regulation mandates strict data retention and security protocols, imposes criminal penalties for violations, and officially repeals the previous 2020 order on this mechanism.
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