Furthermore, the solution is rapidly gaining ground in Sweden, Denmark and Finland, according to Keesing Technologies. The black, or shadow, economy is estimated to represent up to 14% of the Nordic countries’ GDP, Keesing cited the International Monetary Fund (IMF) and Eurostat. Funds are mainly laundered through traditional channels, such as banks and other financial institutions (FIs).
FIs must comply with strict legislation regarding money laundering since it is publicly viewed as a social responsibility of FIs to fight financial crime. The pressure on FIs in the Nordic nations is high and secure customer identification has become a critical factor in onboarding customers.
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