Salv to launch AML Bridge after successful pilot

The initiative saw all Estonian banks join forces with Salv to create AML Bridge, a secure fincrime intelligence sharing platform. The initiative cut the time required to handle cases and prevented up to EUR 3 million from reaching criminal-controlled accounts.

AML Bridge was initiated with the full support of Estonia’s Financial Supervision and Resolution Authority (FSA), Data Protection Inspectorate (DPI), and Financial Intelligence Unit (FIU). Banks taking part in Salv’s initiative are Swedbank, SEB, Luminor, LHV, Bigbank, Citadele, OP Bank, Coop, TBB, and Inbank.

AML Bridge’s objective is to help financial institutions fight financial crime more effectively. It works by helping banks exchange and enrich data on ‘bad actors’, thereby enabling financial institutions to strengthen their respective AML efforts.

During the Pilot, the collaborative investigations between the participating banks grew from seven in the first month, as AML teams set up their internal processes, to more than 250 per month by the period’s end. The banks reported to Salv that up to EUR 500,000 / month of customers’ funds were prevented from reaching criminal controlled accounts.

Following the Pilot, the roll-out of AML Bridge is planned to further markets, and Salv is poised to include members from outside the traditional banking sector. The company has onboarded its first crypto fintech and is in discussions with investment companies and pension funds.