AML
AML (anti-money laundering) refers to the rules against money laundering and terrorist financing. In Denmark they are collected in the Anti-Money Laundering Act (hvidvaskloven), which applies to banks and mortgage credit institutions, among others.
Last updated 13 October 2026
Danish: Hvidvask
AML stands for “anti-money laundering”, that is, measures against money laundering. In Denmark the rules are collected in the Act on preventive measures against money laundering and financing of terrorism, known as hvidvaskloven (the Anti-Money Laundering Act).
The Act defines money laundering (section 3) as, among other things, unlawfully receiving or obtaining for oneself or others a share of economic proceeds or funds obtained through a criminal offence. Unlawfully concealing, storing or transporting the proceeds or funds is also covered. The Act applies to banks and mortgage credit institutions (realkreditinstitutter), among others, including their branches in Denmark (section 1).
The firms covered must identify and assess the risk that they may be misused for money laundering or terrorist financing. The risk assessment must be documented and kept up to date (section 7). The firms must also have written policies, procedures and controls (section 8) and carry out customer due diligence procedures (chapter 3, see KYC). If the customer due diligence requirements cannot be met, the business relationship must be terminated or wound down, and it must at the same time be examined whether a report must be made under section 26 (section 14(5)).
For private individuals and businesses, AML can mean questions about documentation, ownership and the purpose of transactions, because the Act requires the bank to know its customers.
What should you check? Answer completely and in good time, and ask the bank if you are unsure why a piece of information is requested. The bank’s internal procedures vary.
Example
The bank monitors transactions and may notify Hvidvasksekretariatet (the authority's Danish name) if something looks suspicious.
See also
Related guides
- Basic payment account in Denmark: who has the right to one?
- Basic business account: who is entitled to one?
- How to choose a bank for your business in Denmark
Sources
- Retsinformation: Anti-Money Laundering Act (LBK no. 433 of 17/04/2026) (in Danish)
- Finanstilsynet: Questions and answers about money laundering (in Danish)
Checked against the sources on 12 October 2026.