Tackling financial crime

Financial crime is a major global issue and preventing this is of high priority for us. SEB is a major provider of loans, payments and other financial services and we see it as our responsibility to protect our customers and the assets that we manage.

SEB devotes considerable resources to prevent financial crime and its damaging effects on our customers, our business and on local and global economies. We collaborate with partners locally and internationally, train our employees, monitor transactions and check our customers according to the know-your-customer process (KYC) and against sanctions lists. 

 We focus on three key areas:

  • Fraud prevention, -detection and -response
  • Actions to prevent money laundering and financing of terrorism
  • Compliance with government sanctions against criminal suspects

Cyber crime and ID theft

Cybercrime can be described as criminal activity that involves the Internet, a computer system, or computer technology. Examples include computer viruses, phishing and identity theft. Financial institutions are a prime target, even though a shift has been seen toward online merchants, as security efforts within the financial sector have had a deterrent effect on cyber criminals’ ambitions.

When it comes to ID theft, recent statistics by UC, Sweden’s leading business and credit reference agency, show that the turnover produced by ID thefts has increased by 37 per cent since 2013.

Combating money laundering

SEB put large efforts into combating money laundering, and believes that a sound know-your-customer process is the best method of preventing that. Based on a professional relationship with customers, this is an important tool to achieve an appropriate level of Customer Protection. We abide by European Union legislation on anti-money laundering (AML) and KYC. We apply enhanced due diligence for customers, products and countries, where there is a perceived risk that the Bank is used for money laundering and financing of terrorism.

Increasing awareness

Ensuring that employees understand the basic characteristics of fraud and money laundering forms one of the most effective measures in fighting financial crime. In May 2015, SEB launched a new tool for increasing awareness, three short dramatized documentary films that highlighted important points when it comes to fraud and money laundering. 

Whistleblowing process

SEB has an established whistleblowing process. Most reports of suspected irregularities are still made to local managers. Reports are also regularly made to the Head of Compliance and Head of Internal Audit, mostly via telephone or the specific email address. Notifications come from employees, but complaints also come from customers, suppliers and other stakeholders. It is possible to raise issues anonymously by an encrypted e-mail address.

All reported incidents or circumstances are promptly investigated and, when applicable, reported to the bank’s CEO and the Audit and Compliance Committee.

Read more about SEB's Whistleblowing process