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).
July 9, 2019
Nordic banks collaborate to offer KYC services
Related by Topic
New Post
Financial regulators solicit comment on proposed AML/CFT compliance update
July 23, 2024
News Alert
New Post
FinCEN issues beneficial ownership FAQs and proposes new AML/CFT requirements
July 10, 2024
News Alert
FinCEN finalizes measure that severs Al-Huda Bank from U.S. financial system
July 1, 2024
News Alert