The joint scheme launched by top Nordic banks with the Swedish police to fight financial crime, such as money laundering and terrorist financing, is transitioning from a pilot project to becoming a regular collaboration, most of the participating banks said.

The Swedish Anti Money Laundering Initiative, or SAMLIT, began as a pilot project in June 2020 for banks and authorities to be able to share information on suspicious transaction patterns and new types of crime, among other things. The participating banks were Danske Bank A/S, Nordea Bank Abp, Skandinaviska Enskilda Banken AB, Svenska Handelsbanken AB (publ) and Swedbank AB (publ). A full launch of the initiative was expected in 2021.

The scheme aims to develop a more formal framework for cooperation and governance in the coming months, according to the statements. It will also work toward changes to the law to improve the possibility for information sharing, which is prevented in many ways by existing legislation. Additionally, the scheme will work toward increasing the number of participating banks.

SEB Senior Advisor Martin Johansson was appointed chairman of the collaboration in 2021, with the chairmanship to rotate between the banks thereafter.

The FBI is said to be among three federal authorities in the U.S. investigating potential money laundering at Danske Bank, Swedbank and SEB. U.S. authorities have historically issued hefty fines over such scandals.