Prevention of money laundering

Money laundering is a serious problem and is worth huge sums of money per year on a global basis (1). The UN estimates that money laundering accounts for the equivalent of nearly five percent of the global GDP (2). Money laundering is the world’s third largest industry after oil production and agriculture.

It is almost always the seriously criminal who launder money: the profits from these crimes often mean human suffering in the form of, for example, trafficking, fraud, smuggling, cybercrimes and the drug trade.

Like other financial institutions, we comply with the measures set out by the Financial Supervisory Authority, and we collaborate with other authorities to detect suspected cases of fraud, money laundering and terrorist financing (3). We do this through manual reporting to the relevant authorities as well as via a sophisticated, automated system, which, with the help of machine learning, can pinpoint suspicious cases that might otherwise be hard to detect.

Our services make the economy of businesses more transparent. This, in turn, makes money laundering and other economic crimes, like tax evasion and corruption, more difficult.

The World Bank has identified corruption as one of the main obstacles to economic and social development. Those who are affected most by corruption are always society’s most vulnerable and poorest members: individuals and small businesses. A result of corruption is an increase in costs, which makes it even more difficult to get out of the poverty trap.

iZettle takes part in making sure the rules are followed and in safeguarding the free market, making it harder for economic crime to take place. This is part of our efforts to lower the threshold for small businesses.

Our efforts against money laundering are based on our Anti-Money Laundering Policy. Our Ethics and Sustainability Policy regulates our standards for business ethics and is applicable to all iZettle employees. We also have a whistle blowing function for employees, allowing them to report suspected violations against these policies and other internal regulations anonymously.

“iZettle’s services facilitate transparency in corporate finances and make financial crimes difficult.”