Anti Money Laundering and Terrorist Financing

The opportunity to make money is the main driving force behind organized crime. For criminals to be able to use the proceeds of crime in the legal economy, black money is laundered. For us at Norion Bank, it is therefore important to combat money laundering or terrorist financing.

Part of Norion Bank’s work to combat money laundering and terrorist financing is to continuously evaluate how our products and services could be used for such purposes. By understanding the risks, we can strengthen our ability to prevent our business from being used for money laundering and terrorist financing and ensure that we have procedures in place that are appropriate for the risks.  

Other important aspects of our work include achieving good customer knowledge, monitoring transactions, carrying out ongoing checks, following regulatory developments closely and training our staff.  

Norion Bank reports all suspicions of money laundering or terrorist financing to the Financial Intelligence Unit, which is a unit within the Swedish Police Authority that is responsible for money laundering and terrorist financing intelligence.  


Customer knowledge  

We refer to the information we have about our customers as customer knowledge. Norion Bank collects customer knowledge when someone wants to become our customer. For example, our customers must always prove their identity with a valid form of identification or e-identification. If the customer is a company or association, we want to ensure that the individual representing the customer is entitled to do so.  

In addition to understanding who the customer is, we must also understand why the customer wants to use our services and products and how they will be used. Among other methods, we collect this information by asking our customers questions, both when beginning the business relationship and on an ongoing basis, as it is important that customer knowledge is always up to date and sufficient. Regarding companies and associations, we also want to understand the business and the ownership and control structure.   

Collecting information about our customers allows us to understand and predict how our products and services will be used. In turn, this helps us detect anomalies that could be a part of money laundering and terrorist financing.  The customer knowledge we have helps us improve our ability to combat money laundering and terrorist financing.