5 largest Swedish banks create anti-money laundering initiative

The initiative expected to be fully launched in 2021

5 largest Swedish banks create anti-money laundering initiative. Source: shutterstock.com

The five largest banks in Sweden including Danske Bank, Handelsbanken, Nordea, SEB, and Swedbank have launched a new anti-money laundering initiative SAMLIT (Swedish Anti Money Laundering Initiative).

According to information, the Money Laundering Act empowers the police authority to request information from banks bilaterally.

But within the framework of SAMLIT, the Financial Police and the five Swedish banks will have the opportunity to jointly share information on methods, suspicious transaction patterns, and new types of crime.

We’ve reported that Polish Bank Pekao has introduced PeoPay KIDS app, enabling children to manage their money. This banking solution is addressing the needs of parents looking for help in educating their children about personal finances.

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