Content is loadingIn a joint effort to fight financial crime, the five largest banks in Sweden have launched the Swedish Anti Money Laundering initiative (SAMLIT) with Swedish police.
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
Johanna NordbergCountry Manager, Danske Bank
“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,” says Johanna Norberg, Country Manager, Danske Bank Sweden.
Shared 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 major banks will now have the opportunity to collectively share information on methods, suspicious transaction patterns and new types of crime that have been jointly identified.
A pilot project to evaluate and test new methods for sharing information under current legislation will run from June to November 2020 before the initiative will be officially implemented in 2021 with more banks expected to join the scheme.
We actively participate in industry initiatives across the Nordic and Europe to help the industry, collectively, be more effective against combating economic crime.
Satnam LehalHead of Financial Crime, Danske Bank
Nordic and European cooperation
The collaboration with Swedish banks and the Swedish policy authority is the latest example of Danske Bank’s ongoing cooperation with supervisory authorities and other banks across the Nordics and in Europe.
In Denmark, a close collaboration with Finance Denmark has led to 25 joint recommendations for how the financial sector and the authorities can improve their efforts to combat financial crime. On a Nordic level, Danske Bank is developing a platform for handling and administering KYC data with the five largest banks in the Nordics. Danske Bank is also represented in a European AML taskforce, led by the independent think tank Center for European Policy Studies (CEPS), to develop recommendations for an improved EU regulatory framework on anti-money laundering.
“Globally, financial crime costs society billions of dollars each year, and criminals often use complex arrangements that can be difficult to identify. Danske Bank has a strong focus on this by leveraging technological solutions but also by ensuring, we have clear processes in place and extensive KYC work to prevent financial crime. We actively participate in industry initiatives across the Nordic and Europe to help the industry, collectively, be more effective against combating economic crime,” says Satnam Lehal, Head of Financial Crime.
