Money laundering and financing of terrorism represent growing threats in today’s financial markets and are frequently conducted in an international context. In the international financial community, several steps have been taken to impede such criminal activities. These include national and international legislation, as well as common banking industry standards. In Sweden, where the Swedbank Group’s headquarters are located, legislation against money laundering has been in effect since 1994. This legislation has been further tightened on several occasions.
The Third EU Money Laundering Directive enhances the stringency of the regulations. The directive requires banks to be fully acquainted with customers and their business activities before establishing relationships with them. Efforts are under way throughout Europe to adapt national legislation to the Third EU Money Laundering Directive. The Swedbank Group participates actively in these efforts, and works constantly to prevent its products, services or channels from being used for criminal activities.
At the Swedbank Group, we value our good reputation. Customers (individual and corporate), authorities and the general public have to be able to rely on the bank. This is why the Swedbank Group works actively to combat money laundering. Consequently, we do not engage in relationships that could be associated with money laundering or financing of terrorism. To assist us in these efforts, we have established a procedural framework and routines.
If you want to read the declaration regarding AML, CFT and KYC within Swedbank Group use the link below.
