Report on investigation of Industriens Pensionsforsikring A/S’ risk assessment in the area of money laundering
10 April 2024
Industriens Pension publishes on its website:
The Danish Financial Supervisory Authority has asked Industriens Pension to publish their report on the investigation of Industriens Pension’s risk assessment in the area of money laundering.
Introduction
In the fourth quarter of 2023, the Danish Financial Supervisory Authority conducted an investigation of Industriens Pension’s risk assessment in the area of money laundering. The study was part of a cross-sectional study of the area in a number of pension companies.
Risk assessment and summary
Industriens Pension is a life insurance and pension insurance company. The company is a labor market-related life insurance joint stock company, which can underwrite or manage the administration of collective pension schemes established pursuant to a collective agreement by agreement between parties in the labor market. The company can also take out individual pension schemes within the membership of the collective pension scheme.
The FSA assesses that Industriens Pension’s inherent risk of being used for money laundering or terrorist financing is low compared to the average of life insurance and pension companies in Denmark. In the assessment, particular emphasis is placed on the fact that the company’s customers are mainly customers in Denmark.
On the basis of the investigation, the company has been ordered to revise its risk assessment, so that customer types, countries and geographical areas are sufficiently identified and assessed in relation to the risk that the company may be used for money laundering and terrorist financing. In addition, the company’s risk assessment must be supported by relevant data, and be based on the national and supranational risk assessments.
Source: Industriens Pension
