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Nordic banks join forces to combat money laundering

Published 05/07/2019, 14:39
Updated 05/07/2019, 14:41
Nordic banks join forces to combat money laundering

Nordic banks join forces to combat money laundering

STOCKHOLM (Reuters) - The Nordic region's six major banks announced the creation of a customer checking centre 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 (CO:DABA) and Swedbank (ST:SWEDa) and their rivals Handelsbanken (ST:SHBa), Nordea (HE:NDAFI), SEB (ST:SEBa) and DNB (OL:DNB).

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.

Fighting money laundering has become a high profile issue for the region after Danske Bank and Swedbank became embroiled in a money laundering scandal involving their businesses in the Baltics, costing both billions in market value.

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