Nordic banks join forces to combat money laundering

Danske Andelskassers Bank A/S

05/07/2019 14:27

STOCKHOLM, July 5 (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  DABA.CO  and Swedbank
 SWEDa.ST  and their rivals Handelsbanken  SHBa.ST , Nordea
 NDAFI.HE , SEB  SEBa.ST  and DNB  DNB.OL .  urn:newsml:reuters.com:*:nL5N22L661
    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.

 (Reporting by Esha Vaish in Stockholm
Editing by Keith Weir)
 ((esha.vaish@thomsonreuters.com; +46 8700 1122, +46 70 721
1122; Reuters Messaging:
esha.vaish.thomsonreuters.com@reuters.net; LinkedIn: http://in.linkedin.com/in/esha-vaish-9690b630))