For the last decades, financial institutions, particularly banks, have been making strenuous efforts to prevent criminals from introducing the proceeds of their crimes into the banking system.

By interdicting attempts to infiltrate the money transmission networks in this way it is hoped to prevent criminals from laundering their profits and subsequently using them in the legal economy. Currently, financial institutions rely heavily on human involvement in labor-intensive, manual compliance processes. However, this is about to change.

With this report, we aim to shed light on how Nordic financial institutions can best leverage large amounts of data and modern technology to prevent financial crime.