Swedish banking group Swedbank has decided to set up an anti-financial crime unit within the bank to combat the menace of money laundering.
The decision comes at a time when the bank is being investigated by the regulators over money laundering allegations.
The Swedbank Anti-Financial Crime unit (AFC) will focus on anti-money laundering (AML), counter-terrorism financing (CTF) and fraud prevention.
Additionally, the unit will be responsible for the bank’s cyber security, information security and physical security.
To be led by Anders Ekedahl, the dedicated unit will also support internal and external investigations within the AML area including co-ordinating with authorities.
Swedbank acting president and CEO Anders Karlsson said: “By forming the AFC, we are creating a strong unit focusing on different aspects of financial crime.
“The unit will have the overall responsibility for the bank’s AML processes including framework and processes for KYC, risk classification, transaction monitoring and reporting to authorities.
“We are now gathering all relevant resources and competences in the bank to make sure that we secure robust capabilities and we will continue to invest in this area.”
Last month, the bank’s headquarters in Sundbyberg was raided by Swedish Economic Crime Authority (EBM).
The bank is being investigated after Swedish public broadcaster SVT alleged that the bank managed €135bn for high-risk non-residents.
Swedbank said that it is cooperating fully with the Swedish authorities as well as in the Baltics and the US on the ongoing investigation.
Swedbank has more than seven million retail customers and around 600,000 corporate clients. It operates 180 branches in Sweden and another 122 in the Baltic countries.