Sweden’s Handelsbanken, Nordea and SEB together with Denmark’s Danske Bank and Norway’s DNB intend to launch a joint venture to develop know-your-customer (KYC) infrastructure and it will begin by focusing on large and medium corporate customers. The banks stressed that the move had less to do with their recent trouble and more to do with increased regulation that was causing frustration for businesses and leading to lengthy processes for lenders. The five Nordic lenders said the focus would be on their biggest business customers initially, but bankers said it was possible to expand it to retail customers after that.
Money laundering concerns have been rising up banks’ agendas after a series of fines of lenders including HSBC and as western politicians fret about financial flows from the likes of Russia and North Korea. Banks have turned to artificial intelligence to help them identify suspicious transactions. But some have raised doubts about the efficacy of increased regulation.
Full article
© Financial Times
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article