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Nordic Banks to create a pool of customer data to fight Money Laundering

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.

Source

https://www.euronews.com/2019/05/10/nordic-banks-pool-resources-to-fight-money-laundering

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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