"The initiative is progressing according to plan and we are moving towards our ambition of a common Nordic KYC infrastructure. Swedbank joining has made the initiative even stronger and completes the group of founding banks" says Fredrik Millde, interim project manager for the initiative.

The background to the initiative is a lack of standardised customer knowledge processes in the important work against financial crime, moneylaundering and terrorist financing. This has led to timeconsuming and complicated processes for customers as well as longer transaction times, more administration and increased risk for banks.

"This, in combination with increasing regulatory requirements for banks regarding customer knowledge, makes the time ripe for a common infrastructure. It will make the customer knowledge process simpler and smoother for the customers, and contribute to a healthier financial sector," says Fredrik Millde.

The banks intend to set up a joint venture, Nordic KYC Utility. Initially the target group is large and mid-sized companies in the Nordics. The establishment and operational start of the joint venture company is conditional upon approval of the European Commission under the EU Merger Regulations.

For further information:
Fredrik Millde, Interim Project Manager, KYC Utility, +46 73 351 59 47
Josefine Uppling, Head of Press Office, Swedbank, +46 76 112 54 21