Nordic banks join forces to combat money laundering
Reuters
Published Jul 05, 2019 14:39
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.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.