Measures against money laundering
Money laundering is the illegal process of criminals trying to make funds made from unlawful activity seem to have been generated from a legitimate source. 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 abilities to prevent, detect and report suspected money laundering and other types of financial crime. Some of the key measures in our work is 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 (KYC) process. We abide by European Union legislation on anti-money laundering (AML) and know-your-customer. We also apply enhanced due diligence for customers, products and countries where there is an increased risk for 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. We handle billions of transactions every year and have rigorous systems, routines and processes in place to identify and alert us to deviations and patterns 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.
Awareness among our employees is 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. Four digital training sessions are mandatory for all employees – the Code of Conduct (including work against corruption), Anti-Money Laundering, Prevention of Fraud, and Cyber Security. All new employees must complete these sessions within the first three months of employment. Existing employees are required to complete them every three years.
Money laundering and other financial crime is a problem for all of society and no bank can fight this alone. We therefore work to increase cooperation between banks, police, authorities and countries. We do this through improved information sharing, and in other ways to strengthen the resilience of all of society against financial crime.
SEB is part of SAMLIT (the Swedish Anti-Money Laundering Intelligence Task Force), 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.
SEB is also involved in Invidem, a company that was founded in 2019 by six of the major banks in the Nordic countries as a joint initiative to address challenges in AML regulations for the Nordic market. Through Invidem, the banks are seeking to make the work to prevent money laundering more efficiently through a joint KYC platform.