Nordic banks pool resources to fight money laundering
13 May 2019

The Nordic region’s six major banks are joining forces to set up a customer checking center to crack down on money launderers, part of efforts to recover from a scandal that has shaken confidence in the finance industry.

Danske Bank and Swedbank have lost billions from their market value after becoming embroiled in a money laundering scandal involving their businesses in the Baltics.

The banks have promised to take steps to rectify shortcomings, such as their planned joint venture with rivals Handelsbanken, Nordea, SEB and DNB to perform common customer checks.

Regulators and banks see these so-called “know your customer” (KYC) checks as a safeguard against money laundering as the process of verifying the identity of customers, companies and business associates can help banks to spot or monitor suspicious clients.

“Preventing financial crime is a top priority and a strong driver behind this initiative,” Fredrik Millde, project manager of the venture, known as Nordic KYC Utility, told Reuters.

By Esha Vaish, Reuters, 10 May 2019

Read more at Reuters

Read more:

Danske Bank’s Other Legal Problems

Swedbank admits money laundering flaws, faces multiple U.S. probes

Ten former Danske Bank managers charged over Estonia case: Berlingske

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