All associations in Denmark are required to make an annual report to their bank. This is due to new legislation that requires all financial institutions to know their customers to a much higher degree than before. Their customers include voluntary associations (regardless of size and purpose), as well as private and business clients. The process of continuous data collection about customers is called a customer knowledge procedure.

The law is part of an initiative to prevent money laundering and terrorism financing. It requires financial institutions to gather information about associations and their real owners (i.e., the board) when establishing customer relationships (bank accounts) and maintaining them. Financial institutions must continually update their knowledge of the customer. This means that an annual report must be made for all associations.

The Danish Business Authority (Financial Supervisory Authority and Data Protection Agency) supervises financial institutions' compliance with the anti-money laundering law. It is, therefore, the association's bank that will face problems if they fail to gather sufficient data on their association clients. All financial institutions—savings banks, banks, credit unions, mortgage institutions, etc.—are subject to the requirements of the legislation.