Anti money laundering (AML)
Frequently asked questions
Prior to the establishment of (cross-boarder) correspondent banking relationships it is necessary for the financial institutions in question (unless the relationship is within the European Union) to obtain information on the other financial institution involved to ensure sufficient understanding of the nature of the respondent’s business, including information regarding assessment of the respondent’s anti-money laundering and anti-terrorist financing controls, the quality of supervision etc.
As a part of this process, we are frequently addressed by correspondent banks with questions to ensure that Vestjysk Bank has adequate anti-money laundering and anti-terrorist financing controls.
On that background we have provided answers to most Frequently Asked Questions (FAQ) in respect of Danish anti-money laundering law and Vestjysk Bank's anti-money laundering and anti-terrorist financing programme and procedures: