Sweden’s Financial Frontline: Tackling Money Laundering at the Anti-Money Laundering Days

Stockholm played host to the Annual Anti-Money Laundering Days (Penningtvättsdagarna) on April 24-25, 2023

Discussing Strategies to Fortify Defenses Against Financial Crimes

Industry professionals and experts from various sectors gathered in Stockholm to discuss strategies for strengthening defenses against financial crimes. Tietoevry Banking, a leading player in the financial technology sector, sent a team of experts to engage in these critical conversations and showcase their innovative Anti-Money Laundering (AML) solutions.

The Importance of Preventing Financial Crimes

Criminal activities, such as drug trafficking, human trafficking, shootings, bombings, and even terrorism, often rely on money laundering and fraudulent schemes to fund their operations.
Money laundering is a global, cross-border concern.
Criminal organizations have become increasingly sophisticated, turning crime into a lucrative industry offering specialized services to effectively handle and wash the proceeds of illicit activities.
Financial crimes pose significant risks, especially for smaller and medium-sized financial institutions that often lack extensive in-house resources found in larger banks.

advanced AML solutions for financial institutions

Services provided by Tietoevry Banking offer an effective solution for financial institutions:

Enable them to maintain compliance and protect themselves from financial crimes.
Our solutions utilize machine learning and AI technology.
Dedicated teams available 24/7 for assistance.

Identifying and detecting money laundering activities

Data has become a critical factor in enhancing AML efforts.
Improving data quality and sourcing is essential for identifying and detecting money laundering activities.
False positives remain a concern, but ongoing enhancements in technology and regulations offer promising results.

Collaborative Initiatives and Innovative Partnerships

Continuous efforts are required to stay ahead of the curve.
Innovative communication and strategic partnerships between financial institutions and tech providers are crucial in addressing financial crimes effectively.
Effective collaborations, along with a robust risk management and compliance framework, are indispensable for maintaining a holistic view of the threats and ensuring the highest standards of financial security.

Tietoevry Banking’s Comprehensive Solutions

Tietoevry Banking offers comprehensive solutions for early detection and prevention of fraud and money laundering:

Cater to the entire process, from customer Know Your Customer (KYC)/onboarding to risk assessment and transaction monitoring across lending, banking, and card transactions.
Our industry-leading software is equipped with machine learning and AI technology.

Join the conversation

Share your thoughts and challenges.
Reach out if you would like to learn more about our services.
Together, we can build a robust and effective AML ecosystem.