Nordic banks join forces to combat money laundering
08 Jul 2019

The Nordic region’s six major banks announced the creation of a customer checking center on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation.

The news confirms a Reuters report about the venture, which involves scandal-hit Danske Bank (DABA.CO) and Swedbank (SWEDa.ST) and their rivals Handelsbanken (SHBa.ST), Nordea (NDAFI.HE), SEB (SEBa.ST) and DNB (DNB.OL).

The banks confirmed the KYC Utility would pool know your customer checks initially for their large and medium-sized Nordic-based companies and begin offering commercial services from next year.

By Esha Vaish, Reuters, 5 July 2019

Read more at Reuters

Photo: VargaA [CC BY-SA 4.0], via Wikimedia Commons

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