Regular risk assessment
We apply an overall risk assessment when evaluating the risk of money laundering and terrorist financing. The assessment takes into account the risk factors that relate to customers, geographic areas, products, transactions and distribution channels. The risk assessment is reviewed regularly.
We have risk-based procedures for identification and verification. In addition, we have KYC (Know Your Customer) procedures and enhanced due diligence for those customers representing a higher risk, and identification of beneficial owners.
All customers are categorised in accordance with their risk potential regarding money laundering and terrorist financing. We also have a process for identification of politically exposed persons as well as internal procedures for observing suspicious transactions and activities to ensure that the procedures are complied with in practice.
Our assessment of the risk of money laundering and terrorist financing in Topdanmark is that the risk is low. This is supported by an assessment carried out by the Danish FSA on the general risk of money laundering and terrorist financing in the pensions industry in Denmark which concludes that the risk is low.