Denmark to Phase Out 1000-Krone Banknote by May 2025

Denmarks National Bank has recently announced that they will phase out the 1000-krone banknote. Among other things, the 1000-krone banknote will be phased out with a view to combating and preventing money laundering.

The 1000-krone banknote will not become invalid until 31 May 2025. The police expect that the criminals will use the time to get rid of their 1000-krone banknotes. Just as the banks must be particularly attentive when receiving 1000-krone banknotes in the coming period, gambling operators must also be so. This applies in particular to operators of land-based betting and land-based casinos. However, this also applies to operators of online gambling that allow funds to be deposited using prepaid credit cards and cash vouchers.

The phasing out of the 1000-krone banknote is associated with a number of new risks. It may, therefore, be relevant to assess whether the phasing out of the 1000-krone banknote gives rise to updating one’s risk assessment. If money laundering is suspected, the Money Laundering Secretariat must be notified.