After the many scandals linked to the Nordic Financial System, the top Nordic banks got together to prevent money laundering by sharing information in the name of transparency and AML.
The initiative searches to have a pool of KYC date in order to avoid inconsistency of client information and therefore prevent criminals for abusing banking and professional secrecy by maintaining obscure their real intentions.
The new body, also searches to standardise KYC processes to avoid cherry picking from customers when it comes to regulatory requirements and transparency.
The Swedish Financial Supervisory Authority noted in 2016 that information was unstructured, beneficial ownership data missing and other elements of the KYC process were missing, making AML and risk analysis inconsistent across the market.
As the entity is founded and capitalised by banks, clearance from the competitions authorities was required and is expected to be produced by Q3 2019.
A with paper regarding this solution is been produced by the Big Four Deloitte on behalf of the banks which are still looking for the best tool and IT solution to bring the project to reality (as stated by Mr. Laurence Westerlund SEB spokesman).
The aim is to go live during 2020.