Nordic banks to explore common KYC joint venture
Leading Nordic banks DNB Bank ASA, Danske Bank A/S, Nordea Bank AB (publ), Svenska Handelsbanken AB (publ) and Skandinaviska Enskilda Banken AB (publ) have decided to explore the possible establishment of a Nordic Know Your Customer (KYC) infrastructure that would, in initial phase, service large and midsize Nordic corporates. In recent years, compliance with requirements for processing customer data has become a critical component in fighting financial crime. Bank customers are, however, struggling with time-consuming KYC information requirements, often including many banks and formats.