Major effort to combat money laundering

Published November 1, 2018

Money laundering has been high on the agenda these last weeks as several international money laundering cases have become known. Money laundering, which is the attempt to integrate income from criminal activities, fraud or tax evasion in the financial system, is a serious problem for society.

The Scandinavian financial authorities consider it an international challenge that could threaten the entire financial system. EnterCard has set up a special unit that works with first-line risk and has expertise in areas such as anti-money laundering (AML) and Counter Terrorist Financing (CTF).

“Our specialists ensure that EnterCard is well equipped to rise to future challenges and fulfil our responsibility to combat this problem for society. We make sure that new AML/CTF regulations are always implemented. We also actively work to provide a good customer experience. The process should work flawlessly for customers, despite our increased focus on money laundering,” says Freddy Syversen, CEO of EnterCard Group.

Since February this year, Camilla Kingdon, EnterCard’s Business Unit Conformance Officer, has headed the company’s newly established Business Risk Unit. The Anti-Money Laundering (AML)/Counter Terrorist Financing (CTF) department is based here.

For her, it is very important to ensure that both management and employees are kept up-to-date on the industry’s regulatory requirements:

“Our complete focus on preventing and impeding money laundering and terrorist financing also demonstrates that we are a serious player. We have an important social responsibility and we make sure that our customers’ information is safe with us. To achieve this, we need sound procedures and this is one of our top priorities,” says Camilla Kingdon, adding:

“All EnterCard employees receive training on the regulations, the company’s risk assessment and related procedures. It is also important that employees are continuously kept informed about new ways in which the products supplied by EnterCard can be used for money laundering and terrorist financing.”

“We do this so that our employees feel they are up-to-date and are able to implement measures to prevent and impede money laundering and terrorist financing,” says Camilla Kingdon.