Bls Capital Fondsmaeglerselskab A/S

Allegations: THE DANISH FSA ASSESSES THAT THE COMPANY MUST SEPARATELY ASSESS THE COMPANY'S RISK OF BEING USED FOR MONEY LAUNDERING AND THE COMPANY'S RISK OF BEING USED TO FINANCE TERRORISM RATHER THAN MAKING AN OVERALL ASSESSMENT OF THE RISKS AND A DIVIDED CONCLUSION. Status: Final Sanction Detail: THERE WERE NO SANCTIONS ORDERED. Summary: THE AUDIT OF BLS CAPITAL FONDSMAEGLERSELSKAB A/S IN THE 4TH QUARTER OF 2020 WAS A TARGETED INSPECTION ON THE MONEY LAUNDERING ACT REQUIREMENTS, WHICH WAS CARRIED OUT BY THE DANISH FSA ON A NUMBER OF REGULATED ENTITIES. THE DANISH FSA FOUND THAT PER THE MONEY LAUNDERING ACT, BLS CAPITAL DID NOT MAKE A SEPARATE ASSESSMENT OF THE INDIVIDUAL RISK FACTORS ASSOCIATED WITH BEING USED FOR MONEY LAUNDERING AND TERRORIST FINANCING, BUT RATHER COMBINED THE ASSESSMENT. FOLLOWING THE AUDIT THE DANISH FSA ISSUED AN ORDER WHICH REQUIRES THE ASSESSMENT TO SEPARATELY IDENTIFY AND ASSESS THE RISKS OF THE COMPANY BEING USED FOR MONEY LAUNDERING AND TERRORIST FINANCING. THERE WERE NO CHANGES IN THE CONTEXT OF THE RISK ASSESSMENT. BLS CAPITAL MUST SUBMIT A STATEMENT AND DOCUMENTATION WITHIN THREE MONTHS OF RECEIPT OF THE DANISH FSA'S LETTER DESCRIBING HOW THE COMPANY HAS COMPLIED WITH THE ORDERS MENTIONED IN THIS LETTER. THE DANISH FSA ALSO PREPARED A STATEMENT WHICH BLS CAPITAL MUST PUBLISH ON ITS WEBSITE.

Allegations: THE FIRST ORDER WAS THAT BLS CAPITAL FONDSMAEGLERSELSKAB A/S NEEDED TO OBTAIN SEPARATE AUTHORIZATION FROM THE INVESTMENT MANAGER AUTHORIZATION TO CARRY OUT CURRENCY TRANSACTIONS. THIS AUTHORIZATION WAS APPLIED FOR IMMEDIATELY FOLLOWING THE INSPECTION AND AUTHORIZATION FROM THE DANISH FSA WAS RECEIVED ON OCTOBER 23, 2015. THE SECOND ORDER WAS THAT THE DANISH FSA FOUND THAT BLS CAPITAL FONDSMAEGLERSELSKAB A/S DID NOT HAVE AN ADEQUATE SETUP TO OVERVIEW INVESTMENT GUIDELINES. BLS CAPITAL FONDSMAEGLERSELSKAB A/S IMMEDIATELY IMPLEMENTED A MORE DISCIPLINED AND AUTOMATED SETUP WITH A FEW ADJUSTMENTS TO THE EXISTING SETUP. Status: Final Sanction Detail: THERE WERE NO SANCTIONS ORDERED. Summary: THE INSPECTION OF BLS CAPITAL FONDSMAEGLERSELSKAB A/S IN SEPTEMBER 2015 WAS AN ORDINARY INSPECTION, WHICH IS CARRIED OUT PERIODICALLY BY THE DANISH FSA OF ALL REGULATED ENTITIES. DURING THE INSPECTION, THE DANISH FSA ESPECIALLY FOCUSED ON THE COMPANY'S PROCESSES IN CONNECTION WITH INVESTMENT ADVICE AND DISCRETIONARY PORTFOLIO MANAGEMENT, AS WELL AS ON COMPLIANCE. FOLLOWING THE INSPECTION IT WAS ANNOUNCED BY THE DANISH FSA THAT THE FORMAL AND OVERALL CONCLUSION WAS THAT THE DANISH FSA DID NOT FIND ANY MATERIAL ISSUES, THAT GAVE RISE TO CHANGES IN THE RISK ASSESSMENT OF THE BLS CAPITAL FONDSMAEGLERSELSKAB A/S. THE CONCLUSION WAS FOLLOWED BY TWO ORDERS. THERE WERE NO CHANGES IN THE DAILY BUSINESS IN THE PERIOD FROM THE INSPECTION TO THE TIME OF WHERE THE TWO ORDERS WERE MET. THE FINAL "REPORT ON INSPECTION AT BLS CAPITAL FONDSMAEGLERSELSKAB A/S" WAS COMPLETED BY THE DANISH FSA AND SENT TO THE COMPANY ON DECEMBER 2, 2015. AT THAT POINT BOTH ORDERS WERE ALREADY REMEDIED. THE DANISH FSA HAS NOTED AND ACCEPTED THE ACTIONS TAKEN BY BLS CAPITAL FONDSMAEGLERSELSKAB A/S IN "REPORT ON INSPECTION AT BLS CAPITAL FONDSMAEGLERSELSKAB A/S". NO FURTHER ACTIONS ARE REQUIRED.