Nordea EN English Dansk Norsk Suomi Svenska Preventing financial crime Breadcrumb Home About us Nordea in society Preventing financial crime Part of the solution All around the world, countries are facing rising economic and social costs due to human trafficking, terrorism, corruption, drug smuggling, tax evasion and other forms of illegal activities. Tracking down and stopping the money flow from these illegal activities are key to disrupting the criminals involved. This is why financial institutions are uniquely placed to be part of the solution. Nordea takes its share of responsibility to society and customers seriously and has over the years built strong defences to prevent our products and services from being used for unlawful purposes. We have invested heavily to ensure we have the right people and effective tools. We have established strong risk management policies and practices to support our commitment to protect our customers and society from financial crime. Examples of financial crime Money laundering Money laundering generally refers to attempts to convert, conceal and acquire funds which are proceeds of criminal activity. If successful, the funds may lose their criminal origin and appear legitimate. Criminals are eager to conceal the illegal origin of the funds, so they are less likely to attract attention. Terrorist financing Terrorist financing is the process by which terrorists fund their operations. It includes the collection or provision of funds with the intention of using them for terrorist acts or to support terrorist organisations. An important difference between terrorist financing and money laundering is that funds used for terrorist financing may stem from both legitimate and criminal sources, whereas funds are always the proceeds of crime in money laundering. Breach of sanctions Sanctions are issued by national and supranational organisations like the EU, the UN and the US Treasury with the purpose of influencing a certain unwanted behaviour or policy by other countries, persons or groups, for instance certain terrorist groups. Bribery Bribery is a promise, request, offer, acceptance or transfer of a benefit in exchange for an action which is illegal, unethical or a breach of trust. Corruption Corruption is the abuse of entrusted power for private gain. Tax evasion Tax evasion is illegal evasion of taxes by an individual, corporations or other entity. Tax evasion may take the form of not paying or underpaying taxes. Fraud Fraud is a broad term used in reference to activities that involve the use of deception or dishonesty to generate illegal proceeds. Learn more about Financial crime prevention policies and practices Read more Three lines of defence Read more Why we ask questions Read more Monitoring customers and transactions Read more Share this page About us Who we are Nordea in society Corporate governance Investors Nordea in figures Reports & presentations Share News & insights Press room Economic Outlook Blogs Careers Vacant positions Join us Locations Sustainability Sustainability at Nordea Sustainable Choice Reports Our services Corporates & institutions Small & medium businesses Personal customers Contact us General terms Privacy policy Cookies Accessibility Site feedback Nordea Bank © 2021 Nordea’s use of cookies Dansk Norsk Suomi Svenska Nordea uses own cookies as well as cookies from third parties. Cookies are used to enhance your online experience and to remember your preferences, for example language. Cookies are also used to analyse web traffic and to show you targeted ads in our own and third parties’ online media. We ask for your consent to use such cookies, except for necessary cookies which are needed to run our website. If you click on “Settings” below, you are able to decide which cookies you want to consent to. By clicking “Accept all cookies” you consent to all cookies from Nordea and our third-party collaborators. You can change or withdraw your consent at any time. You can read more about the use of cookies and how you can withdraw your consent in our cookie policy. Accept all cookies Settings