TITLE: Denmark's Financial Supervisory Authority Issues Enforcement Orders Against Secure Payment A/S
BODY:
On June 22, 2026, Denmark's Financial Supervisory Authority (Finanstilsynet) published an inspection report on Secure Payment A/S, a licensed payment institution, following a routine inspection conducted in November 2025. The inspection examined the institution's business model, organisational structure, internal control environment, risk management, and governance framework, with particular focus on outsourcing practices and safeguarding of customer funds.
Secure Payment A/S operates a platform facilitating payments for used car transactions between commercial operators, primarily car dealers, across the European Union. The inspection identified significant deficiencies across multiple operational areas. The institution lacked sufficient internal resources and competencies, with no full-time employees and all material operational tasks, including licensed activities, performed by its parent company Autoproff. The director, as the sole employee, lacked access to critical systems including safeguarding accounts. Finanstilsynet found the institution operated as a legal entity without substantive activities and failed to maintain adequate business procedures across essential areas.
The inspection also revealed inadequate board oversight of management, with the board failing to receive systematic updates on material risks or establish documented reporting procedures. Outsourcing arrangements lacked proper risk assessments, control mechanisms, and formal policies, with the outsourcing officer employed by Autoproff. Additionally, the institution had not established proper processes for safeguarding customer funds, with responsibility unclear and the director unable to access safeguarding accounts. Risk management procedures and business processes for payment handling, conflict of interest management, and risk identification were absent.
Finanstilsynet issued five enforcement orders requiring Secure Payment A/S to establish sufficient internal resources and competencies, implement systematic board oversight procedures, develop a comprehensive outsourcing framework, establish customer fund safeguarding procedures, and create business processes and risk management frameworks across all material areas.