Financial Crime World

Swedish Banks Unite to Combat Financial Crimes

A Collaborative Effort to Fight Money Laundering and Terrorist Financing

May 27, 2020 - Sweden’s largest banks have joined forces with the Swedish police authority to launch an initiative aimed at combating money laundering and terrorist financing. The Swedish Anti Money Laundering Initiative (SAMLIT) is a pilot project that will run from June to November 2020 before being fully implemented in 2021.

A New Era of Collaboration

The collaboration between five major banks - Danske Bank, Handelsbanken, Nordea, SEB, and Swedbank - and the Swedish police authority aims to increase efficiency and proactivity in combating financial crimes. “This is a very important step in the fight against financial crime,” says Johanna Norberg, Country Manager at Danske Bank Sweden. “Like a chameleon, this type of crime is constantly changing form and pattern, so for us, this collaboration means increased efficiency and proactivity.”

Sharing Information to Combat Financial Crime

The initiative allows the Financial Police and the five major banks to share information on:

  • Methods used by criminals
  • Suspicious transaction patterns
  • New types of crimes that have been jointly identified

Under current legislation, the Money Laundering Act empowers the police authority to request information from banks bilaterally. SAMLIT enables a collective sharing of information under current legislation.

A Global Effort Against Financial Crime

The collaboration is part of Danske Bank’s ongoing efforts to combat financial crime across the Nordic region and Europe. “Globally, financial crime costs society billions of dollars each year, and criminals often use complex arrangements that can be difficult to identify,” says Satnam Lehal, Head of Financial Crime at Danske Bank. “We actively participate in industry initiatives across the Nordic and Europe to help the industry, collectively, be more effective against combating economic crime.”

A Significant Step Forward

The Swedish Anti Money Laundering Initiative is a significant step forward in the fight against financial crimes, and it is expected that more banks will join the scheme once it is officially implemented next year.