Money laundering is how criminals try to make funds from unlawful activity appear to come from a legitimate source. If they succeed, illegal profits can be moved, invested and used as if they came from ordinary business.
This poses a threat not just to banks and the entire financial system, but also to democracy and society as a whole.
Countering money laundering is of the highest priority for SEB and has been so for a long time. As crime constantly tries to find new ways to exploit the financial system, we continuously strengthen and develop our ability to prevent, detect and report suspected money laundering and other types of financial crime.
Some of the key measures in our work are a sound know-your-customer process, effective transaction monitoring, training of employees, cooperation with other banks, police and authorities, and having whistleblowing processes in place.
The basis for combating money laundering is a sound know-your-customer, or KYC, process. By knowing who our customers are and understanding how they use our services, we are better able to identify activity that does not match expected behaviour.
We abide by European Union legislation on anti-money laundering and know-your-customer. We also apply enhanced due diligence for customers, products and countries where there is an increased risk of the bank being exploited for money laundering and financing of terrorism.
We are continuously adding resources within this area and improving our know-your-customer processes.
Another crucial part of our fight against money laundering, terrorism financing and other types of financial crime is transaction monitoring.
SEB handles billions of transactions every year. Most are part of ordinary everyday life and business. Some may show deviations or patterns that require further investigation.
We have rigorous systems, routines and processes in place to identify and alert us to activity that may warrant further investigation. If suspicions of money laundering arise, we report those transactions to the financial police in the countries where we operate.
We are continuously strengthening and developing our systems, routines and processes in this area, for example by investing in new technology such as AI.
Financial crime prevention also depends on people. Employees need to understand risks, recognise warning signs and know when to act.
Awareness among our employees is therefore another key element in our efforts to prevent financial crime. SEB offers various trainings for employees, including an education package with e-learning, films and working material.
Read more at “Our employees prevent crime”
Money laundering and other financial crime are problems for all of society. No bank can fight them alone.
We therefore work to increase cooperation between banks, police, authorities and countries. We do this through improved information sharing and in other ways that strengthen the resilience of society against financial crime.
SEB is part of SAMLIT, the Swedish Anti-Money Laundering Intelligence Task Force. SAMLIT is a cooperation between Swedish banks and the Swedish Police Authority to improve the ability to identify and counter money laundering and organised crime through increased information sharing.
SAMLIT also works towards changes in law and legislation, which to a large extent still prevents information sharing.
Digitalisation is transforming every aspect of banking, making the stability and reliability of the bank's IT platform crucial. Interruptions or breaches in these systems can have significant consequences for customers, suppliers, and employees alike.
Awareness among employees is key in our efforts to prevent crime. Our employees are essential to detect irregularities – be it with the help of computer systems or through interaction with people.
The Swedish Anti-Money Laundering Intelligence Task Force (SAMLIT) is a unique collaboration between Swedish banks and the police, aimed at enhancing the overall ability to combat money laundering and related crime.
