Financial Crime World

Financial Crime Prevention Strategies in Sweden Under Scrutiny Amid Growing Organised Crime Threat

Organised crime has been on the rise in Sweden over recent years, affecting not only private individuals and companies but also banks, authorities, and society as a whole. In this challenging context, financial institutions like SEB are facing their own set of challenges, including high-profile cases linked to the bank.

SEB’s Commitment to Combating Financial Crime

SEB has taken these instances very seriously and is committed to working closely with law enforcement agencies to prevent and combat financial crime. According to Mats Torstendahl, Deputy President & CEO of SEB’s Financial Crime Prevention Group Executive Committee, “Organised crime is a growing problem that demands increasingly high efforts from us, our industry, and society as a whole.”

Strengthening Routines and Capabilities

The bank has been strengthening its routines and capabilities to fight financial crime, but acknowledges that there are no guarantees against being affected by criminal activity. SEB believes that all banks must accept their responsibility in combating system-threatening criminality and work together with society to solve the issue using combined forces.

Addressing Recent Media Reports

However, SEB has taken issue with certain conclusions drawn from recent media reports. The bank argues that it is not possible to draw far-reaching conclusions about its work against financial crime based on individual cases. Instead, it emphasizes that these instances are a fraction of the total criminal economy, which has an annual turnover of between 100 and 150 billion SEK according to the Police.

SEB’s Efforts in Financial Crime Prevention

  • Monitoring billions of transactions
  • Reporting thousands of suspect transactions to the Financial Intelligence Unit every year
  • Intensifying collaboration with law enforcement agencies, other banks, and the private sector

Responsibility in Combating Financial Crime

As a responsible banking institution, SEB believes it has a responsibility to:

  • Counter financial crime
  • Prevent financial crime
  • Identify suspected crime
  • Report suspected crime to the Police
  • Assist law enforcement agencies in their efforts to combat financial crime

While employees may on occasion commit crimes, SEB takes any instances of wrongdoing very seriously and takes swift action when necessary.

Collaborative Efforts

The bank is also actively engaged in collaborative efforts with other institutions and authorities to prevent and combat financial crime. Through initiatives like the Swedish Anti-Money Laundering Intelligence Task Force (SAMLIT), SEB is working to:

  • Increase information sharing
  • Improve common resilience against criminal activity
  • Resulting in an increased number of identified criminals