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Strong risk of money laundering through neobanks, Swedish report reveals

Woman using a mobile app to authenthificate a bank transfer.
Photo: Getty Images

Money laundering, tax evasion, and criminal transactions. – neobanks are becoming a common tool in criminal activity, report finds.

Neobanks are at risk of becoming a common tool in future criminal activity, according to a new report by Swedish authorities.

One reason identified in the report, National risk assessment 2023/2024 – Neobanks, is the fact that neobanks – completely digital banks – only use digital and rapid customer recognition

Annie Frohm, chair