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May.17, 2010, 09:48

Possible conflicts in banking regulations between Gibraltar and Spain have led to a considerable fine for Jyske Bank, according to bank management

Spanish financial authorities have issued Jyske Bank a 1.7 million euro fine for violating the country’s money laundering regulations, reports Jyllands-Posten newspaper.

Activities at Jyske Bank’s division in the British overseas territory of Gibraltar are at issue in the case, where the Spanish authorities assert they have been denied access to vital information.

In the decision to fine the bank, the violations were described as ‘very serious’ and Jyske Bank in Gibraltar was cited for failure to properly report, unwillingness to investigate certain transactions, and having inadequate control procedures.

It is the first time a Danish bank has been fined for violations of another country’s money laundering rules.

Jyske Bank has appealed the decision to the Spanish courts, claiming that the situation is due to disagreements between the Spanish authorities and authorities in Gibraltar.

‘Our department is supervised by the authorities in Gibraltar and reports to them, but the Spanish authorities believe they are also entitled to certain information,’ explained Peter Stig Hansen, Jyske Bank’s chief legal counsel.

He adamantly denied the bank has participated in or contributed to money laundering. Hansen called the current case ‘a political matter’, stating that from the Danish perspective the bank has complied with all EU rules, and therefore also to those pertaining to Spain.

‘We have to pay the fine as it stands right now, but we plan on getting the money back if we win the appeal,’ said Hansen.

According to documentation from the Danish Financial Supervisory Authority, the case has been underway for some time. Authorities in Denmark were first informed about the possible violations in November 2008 and information on the case was most recently exchanged between Denmark and Spain in March 2009.

However, Jyllands-Posten reports that Jyske Bank had previously lost a similar case with the Spanish authorities.

Hansen said he was not able to give more information about the specifics of the alleged violations and pertinent rules in the instant case, saying the bank’s division in Gibraltar and the territory’s financial authorities are handling the matter.