Anti-corruption and Transparency
Swedbank recognizes that corruption has an adverse effect on communities and individuals since it threatens the law, democratic development and the human rights and freedoms. Swedbank takes an active standpoint against all forms of corruption in all markets where the bank operates.
Corruption can take many forms that vary in degree from the minor use of influence to institutionalized bribery. The global anti-corruption organization Transparency International's definition of corruption is "the abuse of entrusted power for private gain". This can mean not only financial gain but also non-financial advantages. Swedbank has signed the United Nations Global Compact and are thereby committed to participate in the fight against corruption, among other things. The tenth principle in the UN Global Compact commits all participants not only to avoid bribery, extortion and other forms of corruption, but also to develop frameworks and concrete programs to address corruption. Swedbank promotes transparency and accountability in business relations and communicates in a way that enables stakeholders to understand the bank’s work, challenges and ambitions.
Swedbank’s business idea is based on sound and sustainable financial activities. The bank assures stringent procedures to identify and understand risks of corruption in order to apply preventive measures. These are some of the prioritized areas, related to anti-corruption and transparency, within Swedbank Group:
• Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) are highly prioritized within Swedbank Group. Learn more
• Swedbank recognize the importance of frank discussion of ethical issues and encourage employees to communicate legitimate concerns regarding non-compliance and questionable practices anonymously by using the bank’s whistle blowing procedure. Learn more
• Swedbank’s Group-wide ethics policy states that all operations in Swedbank must be characterized by high ethical standards, which necessitates that Swedbank and its employees actively examine every business transaction and ethically questionable situation on the basis of ethical norms and attitudes. Learn more
• Swedbank has developed codes of conduct for employees and suppliers to ensure a mutual understanding of the importance of respect for business ethics. Learn more about supplier relationships and employee code of conduct.