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Danske Bank

Anemic Compliance: Money Laundering’s Gateway Drug

Anemic Compliance: Money Laundering’s Gateway Drug

Compliance professionals are aware that substandard anti-money laundering (AML) processes and procedures and insufficient know-your-customer screening can open the floodgates for financial crime. Even with this knowledge, the high-profile scandal engulfing Denmark’s largest financial institution, Danske Bank, is a vivid reminder of the monumental scale of legal and reputational risks that arise from inattention to internal controls.