Banks have long been obliged to ensure that the money deposited by their customers does not come from illegal activities such as crime or undeclared work. By depositing cash into one account and subsequently transferring it to other accounts, criminals can disguise the origin of the money and thus ‘launder’ it, turning ‘dirty’ money into ‘clean’ money.
The same anti-money laundering rules apply to banks when they receive older banknotes and 1000-krone banknotes from the current series.
Therefore, when you want to deposit banknotes into your account, you may find that the bank staff ask where the money comes from. The staff may also ask you to document or prove that the cash has been obtained legally. Some people may find that their bank does not allow them to deposit cash into their account if they cannot adequately document that the cash has been legally obtained.
The documentation requirements and practical issues can, in some cases, be experienced as onerous and a nuisance for citizens and businesses wanting to deposit cash in the bank. However, any disadvantages for the individual must be weighed up against the fact that, as a society, we do not tolerate financial crime.
Do you want to submit a complaint?
If you are dissatisfied with how your bank assesses or handles your cash, you can, as always, contact the complaints officer at your bank. You can find the contact details of the complaints officer on the bank’s website or by asking your bank adviser.
As a household customer, you can also complain to the Danish Financial Complaint Board.
Photographer: Jens Nørgaard Larsen/Ritzau Scanpix