Swedish Financial Sector Battles Money Laundering at Anti-Money Laundering Days 2023

More than 200 professionals gathered in Stockholm for the two-day event

Insights and Strategies from Anti-Money Laundering Days 2023 (Penningtvättsdagarna)

Stockholm, Sweden – From April 24-25, 2023, industry leaders and experts from various sectors and businesses joined together in Stockholm for the Anti-Money Laundering Days (Penningtvättsdagarna). Tietoevry Banking was amongst the participants, sharing their knowledge on strengthening defenses against money laundering criminals exploiting the financial system.

Combating Money Laundering: More Than Compliance

Highlights on the evolving financial crimes landscape

Preventing money laundering is more than just regulatory compliance
Financial crimes landscape involves preventing serious offenses, including drug trafficking, people smuggling, armed violence, and terrorism funding
Criminals have become increasingly sophisticated, commercializing crime as a service

The Evolving Nature of Money Laundering and Its Global Impact

Impact of money laundering on the financial sector and economy

More than 2.5% of global GDP is attributable to money laundering
In Sweden, an estimated SEK 130 billion is laundered annually

Challenges Faced by Small and Medium-sized Banks

Resources and challenges for small and medium-sized banks

Lack of resources for effective money laundering countermeasures
Tietoevry Banking offers services to help smaller banks combat money laundering and achieve compliance

Improving Data Quality and Sourcing

Continuous advancements in detecting money laundering activities

Reducing false positives through continuous advancements
National and international initiatives are showing results, with more work needed

Strategic Partnerships and Communication

Essential for effective money laundering prevention

Effective communication and collaboration between client banks and technology providers
Comprehensive risk management and compliance approach

Tietoevry Banking: Comprehensive Solutions for Fraud and Money Laundering Prevention

Tietoevry’s offerings for early detection and prevention of fraud and money laundering

Comprehensive solutions for customer Know Your Customer (KYC)/onboarding processes and transaction monitoring
Advanced machine learning and AI technology for monitoring transactions and applications

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