Six Nordic Banks Team To Take On AML Issues
Six major banks in the Nordic region will form a customer checking center to help combat money laundering and improve the reputation of the area’s financial institutions, according to a report by Reuters.
The banks involved will be Danske Bank, Swedbank Handelsbanken, Nordea, SEB and DNB. The banks said the KYC Utility would gather know your customer (KYC) checks to start with at large and medium-sized companies in the region, and also start offering commercial services.
Money laundering is a big concern for the region after Danske Bank and Swedbank were implicated in scandals that cost them both billions in their value on the market.