Title: Swedish Experts Convene to Discuss Best Practices for Combating Financial Crimes and Money Laundering

During the annual Anti-Money Laundering Days (Penningtvättsdagarna) in Stockholm on April 24-25, industry leaders and experts gathered to share insights and strategies for strengthening Sweden’s collective defenses against money laundering and financial crimes. Representatives from various sectors, including Tietoevry Banking, participated in the crucial discussions and showcased innovative solutions.

Key Takeaways: Preventing Serious Crimes and Advanced Criminal Techniques

Combating money laundering surpasses mere regulatory compliance.
Preventing criminal activities like narcotics trafficking, human trafficking, shootings, bombings, or terrorism, which are often financed through ill-gotten gains and deceitful schemes, is essential.
Criminals have become increasingly sophisticated and professional, turning crime into a service that offers advanced skills and expertise for effectively laundering proceeds from criminal activities.

Local and Global Challenge: Money Laundering’s Changing Landscape

Money laundering is a prevalent issue both locally and on a global scale.
The shift from trust-based to control-based processes, laws, and guidelines is of paramount importance in combating these activities.
Criminals infiltrate financial systems and corporate environments, making it a cross-border challenge affecting every sector differently.
In Sweden, the Swedish FSA Finansinspektionen mentioned significant laundering activities involving cryptocurrencies and neo-banks.

Supporting Smaller Banks: Tietoevry Banking’s Role

Smaller and medium-sized banks face more challenges in combating money laundering and achieving compliance.
Tietoevry Banking provides these institutions with solutions to effectively counteract money laundering.
Larger banks may have extensive in-house resources, but Tietoevry Banking’s solutions grant access to advanced technology and expertise.

Global Statistics: The Cost of Financial Crimes

Money laundering is estimated to constitute approximately 2.5% of the worldwide Gross Domestic Product (GDP).
In Sweden, around 130 billion SEK is laundered annually.

Data-Driven Approaches: Enhancing Detection Techniques

Improving data quality and sourcing for detecting money laundering activities is crucial.
False positives remain a challenge, but advancements—both nationally and internationally—are being made.
New laws and collaborative initiatives between public and private sectors are yielding positive results.

Effective Partnerships: Communication and Collaboration

Strategic partnerships and effective communication between client banks and technology providers are vital.
Collaborations, risk management, and compliance ensure a comprehensive perspective on threats and the highest standards of financial security.

A Force for Good: Tietoevry Banking’s Mission

Tietoevry Banking is dedicated to providing comprehensive solutions for the early detection and prevention of financial crimes such as fraud and money laundering.
Tietoevry Banking’s offerings encompass customer Know Your Customer (KYC) processes, risk assessment, and transaction monitoring across lending, banking, and card transactions.
Tietoevry Banking’s advanced software, incorporating machine learning and Artificial Intelligence (AI) technology, along with a team of experts available 24/7, empowers them to monitor billions of transactions and applications annually and contribute to a safer financial ecosystem.

What’s Your Perspective? Collaborating for a Safer Tomorrow

As the fight against financial crimes and money laundering continues to evolve, Tietoevry Banking invites you to engage in discussions and explore how their services can help you stay ahead of the curve, ensuring the highest standards of financial security. For more information, reach out to Tietoevry Banking. Together, we can make a positive impact.