5 largest Swedish banks create anti-money laundering initiative

The initiative expected to be fully launched in 2021

anti-money laundering initiative

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).

This is a very important step in the fight against financial crime. Like a chameleon, this type of crime is constantly changing form and pattern, so for us, this collaboration means increased efficiency and proactivity. We hope that the experience gathered in the pilot project will lead to even better possibilities to share information about suspicious activities between banks
Johanna Norberg, Country Manager, Danske Bank Sweden

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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