About Money Laundering
Swedbank works preemptive to hinder the bank from being used for money laundering and the financing of terrorism. We do this by following applicable laws and regulations and to our aid we have an internal framework and routines.
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By using different kinds of transactions, money laundering schemes make illegal money seem legal in order to be able to account for it openly. Money may come from tax frauds, robberies, thefts, narcotics, human trafficking, arms trade, etc.
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The EU 3rd Anti-Money Laundering Directive, which applies to all countries within the EU, tightens the existing Anti-Money Laundering legislation. The Directive shall be followed by banks, among others.
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According to the law and regulations about money laundering, the bank is obliged to ask questions when you wish to become our customer. If you already are a customer we might have to ask questions when you would like a new banking product or service. The bank might also have to ask questions when a transaction is performed. The bank is not allowed to perform these services unless you as a customer can answer the questions and identify yourself.
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In order to move money that has been stolen from people through internet frauds or other kinds of frauds, the fraudsters need access to existing account numbers. Via advertisements on web sites and e-mails to Swedish banking customers, persons are swindled to lend their account numbers. The person who lets someone borrow their account number can become an accomplice to a criminal activity.
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