Addressing orders from an AML Inspection at Sparekassen Balling

Sparekassen Balling is a Group 3 institution with deep roots in the local communities around Balling, Skive and Holstebro. With three branches, Sparekassen Balling maintains a strong local presence and is known for its proximity and personal advisory services. They serve both private and business customers locally, with a clear focus on accessibility and trust. Their identity is built on responsible operations and strong community engagement. 

Challenge

In September 2024, the Danish Financial Supervisory Authority (FSA) conducted its first Anti-Money Laundering (AML) inspection at Sparekassen Balling. As is often the case with first-time inspections, it resulted in several formal orders – including the need to strengthen the written risk assessment, ensure a more systematic approach to the AML policy, and document the existing control environment.

Although Sparekassen Balling had a solid understanding of its customers and a good AML culture, there was a lack of a clear structure and systematic approach. The challenge was further complicated by the recent resignation of the previous AML officer, leaving the responsibility to a newly appointed one. With a tight deadline to comply with all orders from the AML inspection, the situation demanded quick clarity, effective coordination, and a focused implementation.

Solution

• Sparekassen Balling quickly engaged an external specialist from Advisense.
• The challenges were systematically identified, and the collaboration brought calm, structure, and momentum to the process.
• The specialist provided concrete input on the solutions Sparekassen Balling had already envisioned. Using industry experience and insight in FSA’s expectations, a comprehensive solution approach was developed.
• The specialist assisted with preparing a new risk assessment, formulating an updated AML policy, and establishing a control environment with clear roles and responsibilities.
• In addition, the specialist provided ongoing support to the new AML officer – both in terms of content and implementation – and helped prepare the final report to the FSA.

Result

• Through a close and trusting collaboration between Advisense and the newly appointed AML officer, Sparekassen Balling succeeded in developing and implementing solutions for all orders within the tight deadline. The AML officer’s strong ownership, insight, and significant effort were crucial to ensuring that the solutions were not only timely, but also thorough and well-anchored in the organisation.
• The work ensured a clear thread from the risk assessment to Sparekassen Balling’s mitigating measures, making the risk assessment a far more active tool in daily operations.
• Sparekassen Balling was able to submit a well-developed and well-documented report to the FSA on time. The FSA responded quickly and accepted all solutions– without any follow-up questions or additional documentation requirements. This is rare and highlights the high quality and precision of the work delivered.
• The collaboration led to a significant strengthening of Sparekassen Balling’s AML readiness, with a risk-based approach, clear controls, and stronger organizational anchoring.

I’m really proud that we closed 6 out of 7 orders without a single comment from the FSA – and that the final plan was approved. It’s a huge quality stamp on the work we’ve done, and it brings immense relief. Advisense’s support and contribution have been an important help along the way – especially with the risk assessment, policy, and report to the FSA – and have helped strengthen our overall AML work.

Janni Brask, AML officer, Sparekassen Balling

“It was a true pleasure to support Sparekassen Balling through their first AML inspection. The collaboration with the newly appointed AML officer was not only close and constructive – it was genuinely enjoyable. I’m both proud and grateful to have been trusted with this important task. Together, we managed to deliver solid, risk-based solutions that were accepted by the FSA without further questions – a result that reflects both strong internal commitment and Advisense’s deep regulatory expertise.”

Rikke Ydegaard Bagger, Manager, Advisense DK

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