pc
nid 94488
Aug 10, 2026
arahman@vixio.com
Denmark
Proposals - Official Gazette
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1718 charsDenmark Proposes Amendments to Anti-Money Laundering and Financial Services Legislation
On June 25, 2026, Denmark's Tax and Growth Minister Jakob Engel-Schmidt introduced a legislative proposal to amend the Money Laundering Act (hvidvaskloven), the Financial Business Act, the Payments Act, the Securities Brokerage Firms Act, and related legislation. The proposal aims to strengthen Denmark's compliance with Financial Action Task Force (FATF) recommendations on combating money laundering, terrorism financing, and proliferation financing.
The proposal introduces several key measures. Financial institutions must conduct risk assessments regarding weapons of mass destruction financing and implement controls to ensure compliance with financial sanctions regimes targeting countries, persons, and entities. These requirements support compliance with United Nations Security Council resolutions, European Union sanctions regulations, and FATF international standards. The proposal also permits minors aged 15 and above to establish basic deposit accounts in certain circumstances without parental consent. Additionally, it strengthens competition in the payments sector by increasing market transparency regarding fees and payment instrument redemption terms. The proposal implements an agreement from June 26, 2025, between the previous government and multiple parliamentary parties to strengthen the Danish payment card system (Dankort).
The proposal underwent first reading on August 12, 2026, and second reading on September 1, 2026. Third reading occurred on September 3, 2026. The legislative process includes committee review and stakeholder consultation during the examination phase. Further details on committee submissions and responses are available on the Danish Parliament website (ft.dk).
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2377 charsDenmark's Parliament Proposes Act Amending AML Act, Payments Act and Other Acts
On June 25, 2026, Denmark's parliament introduced a legislative proposal to amend the Anti-Money Laundering Act, the Financial Business Act, the Payments Act, the Investment Firms and Investment Services Act and related legislation.
The main proposed amendments are:
Firms and individuals subject to the Anti-Money Laundering Act would have to assess their exposure to proliferation financing risk, including risks of violating, failing to implement or circumventing relevant proliferation-financing restrictions. They would also need written policies, procedures and controls covering compliance with financial sanctions. This effectively expands the existing anti-money laundering risk-management framework to expressly address proliferation financing and sanctions compliance.
AML-regulated businesses and individuals that are not already subject to an independent audit requirement under other financial legislation would have to arrange for an independent audit function to test their AML policies, procedures and controls. Where an independent internal audit function does not exist, the testing may be carried out by an external expert.
The minister of taxation and growth would be empowered to introduce rules allowing minors aged 15 or over to open and operate a basic deposit account without the consent of a guardian. The rules could also restrict a guardian's ability to access or manage the account. The measure is particularly intended to help minors who need to receive benefits or other payments directly.
The Payments Act would be amended so that the minister can establish more detailed rules governing the pricing models used by providers of certain payment instruments.
The minister would receive a new power to establish rules requiring greater transparency concerning fees and contractual terms for the settlement of payment transactions using payment instruments. The document says this is intended to create a more transparent payments market.
The bill expands and clarifies the Danish Financial Supervisory Authority's supervisory powers. This includes allowing it to intervene at an early stage where an investment firm is breaching, or is likely to breach, within the following 12 months.
This bill is planned to come into effect on September 15, 2026, and proposed amendments on consumer lending plan to come into force on November 20, 2026.