Nordic banks collaborate to offer KYC services

On July 5, 2019, six major Nordic banks announced their collaboration in establishing a joint venture company that will develop a platform for handling Know Your Customer data.  The joint venture, which has been approved by the European Commission pursuant to EU merger control rules, and will be launched in 2020, will standardize and simplify KYC processes for corporate customers.  It is in large part a response to the money laundering issues uncovered in several of the banks beginning in 2018.  The joint venture partners are Danske Bank A/S, DNB Bank ASA, Nordea Bank Abp, Skandinaviska Enskilda Banken AB (publ), Svenska Handelsbanken AB (publ), and Swedbank AB (publ).

Danske Bank press release | Swedbank press release