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Nordic banks get EC green light for shared KYC platform

Nordic banks get EC green light for shared KYC platform

A group of six top Nordic banks is forging ahead with plans to set up a joint platform for handling Know Your Customer (KYC) data.

Having secured European Commission approval for the platform, Danske Bank, DNB Bank, Nordea, SEB, Svenska Handelsbanken and Swedbank have set up a joint venture company to build the platform.

The new company is autonomous and will initially, from next year, offer KYC services to the market concerning large and medium-sized companies based in the Nordic region.

In recent years, compliance with requirements for processing customer data has become a critical component in fighting financial crime and a growing regulatory overhead for the banking community.

Bank customers are, however, struggling with time-consuming KYC information requirements, often including many banks and formats.

Fredrik Millde, interim CEO, Nordic KYC utility, says: "The collaboration between all banks has been both effective and successful.

"Together, we have in a short period of time worked on a Nordic KYC utility standard for compliant KYC information and explored alternatives for a future digital solution."

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