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Nordic banks join forces to combat money laundering

Nordic banks join forces to combat money laundering
FILE PHOTO: Danske Bank sign is seen on the Estonian branch building in Tallinn, Estonia January 22, 2019. REUTERS/Ints Kalnins -
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INTS KALNINS(Reuters)
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STOCKHOLM (Reuters) – The Nordic region’s six major banks announced the creation of a customer checking centre on Friday, with the initiative expected to help their efforts to crack down on money launderers and recover from a scandal that has damaged the sector’s reputation.

The news confirms a Reuters report about the venture, which involves scandal-hit Danske Bank <DABA.CO> and Swedbank <SWEDa.ST> and their rivals Handelsbanken <SHBa.ST>, Nordea <NDAFI.HE>, SEB <SEBa.ST> and DNB <DNB.OL>.

The banks confirmed the KYC Utility would pool know your customer checks initially for their large and medium-sized Nordic-based companies and begin offering commercial services from next year.

Fighting money laundering has become a high profile issue for the region after Danske Bank and Swedbank became embroiled in a money laundering scandal involving their businesses in the Baltics, costing both billions in market value.

(Reporting by Esha Vaish in Stockholm; Editing by Keith Weir)

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