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Digital Identity, Security & Online Fraud

Nordic banks plan to set a common KYC infrastructure

Friday 1 June 2018 | 03:49 AM CET

Four Nordic banks have decided to explore the possible establishment of a Nordic Know Your Customer (KYC) infrastructure.

The banks DNB Bank, Danske Bank, Nordea Bank, Svenska Handelsbanken and Skandinaviska Enskilda Banken intend to set up a joint venture, Nordic KYC Utility, with a focus on developing a secure and cost-effective Nordic KYC infrastructure.

The company will be owned and controlled by the founding banks, however, the plan is that the company will also offer its services to third parties. The initiative will contribute to ensuring a healthy financial environment, prevent financial crime and to protect customers and society.

The establishment and operational start of the joint venture company is conditional upon approval of the European Commission under the EU Merger Regulation and the company is expected to be established during the second half of 2018.

More: Link
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