Nordic banks team up to battle money laundering


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Nordic banks team up to battle money laundering

On Friday, the 5th of July 2019, six major banks of the Nordic region had issued a joint statement saying that they had started off a customer checking center aimed at cracking down money laundering attempts alongside an overhaul of Baltic region’s shattered image following reveal of about $200 billion money laundering scandal by of Danske Bank’s Estonian branch.

According to Friday’s (June 5th) announcement, the scandal-struck Danske Bank and Swedbank alongside their rivals DNB, SEB, Nordea and Handelsbanken would join forces to create a brick-and-mortar platform to go through transaction in order to prevent recurrences of menacing events in the 148-year-old Danish Danske Bank and the Nordic-Baltic banking group Swedbank, headquartered in Sweden.

In point of fact, earlier this year, Danske bank expressed its intent to initiate countermeasures in order to prevent money laundering attempts after being told to shut down its operation in Estonia. In alignment with its earlier initiatives, Friday’s (July 5th) move by six large lenders of Nordic region would initially launch probes on large- and medium-sized companies and set out commercial services as early as next year.

Nonetheless, battling money laundering scandal had become a high-stake issue over the recent months, in particular after reveal of Danske’s and Swedbank’s involvement in multiple money laundering attempts at their Baltic branches, costing both of the lenders billions in market capitalization.