A source within the banking sector tells the newspaper Epoch Times that banks in Sweden are increasingly collecting information about customers’ media habits and social connections. This concerns not support for left-liberal media giants or smaller left-wing newspapers, but rather customers who support so-called “far-right” alternative media. The revelations raise questions about how far customer due diligence requirements have developed—and what consequences this could have for democracy.

According to information Epoch Times has received from an anonymous source within the banking sector, internal bank control systems have become increasingly comprehensive—and in some cases have even begun to include customers’ political or media preferences.

The source describes how banks systematically categorize customers into different risk levels based on answers given in their know-your-customer processes. These classifications can ultimately affect the customer’s access to banking services, and in some cases lead to accounts being restricted or terminated.

What has sparked particular concern are indications that training materials for bank staff now include segments where employees are encouraged to pay attention to, for example, subscriptions to so-called alternative media or connections to certain types of networks on social media.

According to the source, this represents a trend where information collection goes beyond traditional economic risk indicators. “Customers are not informed about this,” the person told Epoch Times.

“We are now to react to individuals…”

Banks’ obligations to know their customers are based on anti-money laundering legislation and EU regulations, aiming to prevent serious crime and terrorist financing. The systems are not meant to identify political opinions beyond what is required to signal the risk of terrorist financing.

At the same time, materials reviewed by Epoch Times show that certain indicators in training broadly address, for example, memberships in what are vaguely described as “extremist groups” or consumption of conservative media. This raises questions about where the line is drawn between legitimate risk assessment and registration of opinions.

– We are now to react to individuals who subscribe to alternative media or have connections to people who are members of social media groups that can be considered far-right. I see this as the next level of information gathering, the source told Epoch Times, continuing:

– I am in many groups on social media that perhaps could be considered far-right. This is a democratic problem.

According to the newspaper, the Swedish Financial Supervisory Authority (Finansinspektionen), which oversees banks, stated that the agency does not determine specifics about what customer groups or behaviors banks should focus on in their training. Banks basically have free hands; the supervisory mandate does not extend that far.

More are denied banking services

This development takes place as more and more customers find their banking services restricted or terminated. According to the Financial Supervisory Authority, the number of denied payment accounts increased sharply between 2023 and 2024. Previous figures show that tens of thousands of accounts are closed by banks every year on their own initiative.

Being without a bank account in today’s digital society creates major difficulties—it impacts the ability to receive a salary, pay bills, use BankID, and interact with authorities.

The agency itself notes that access to a payment account is a fundamental prerequisite for participation in society. However, it still does not oversee whether banks are abusing the rules for customer due diligence.

Those affected testify to arbitrariness

At the same time, there are several high-profile cases where both private individuals and businesses feel they have been shut out without clear explanation, and for political reasons.

One example mentioned in the Epoch Times article is the media operator Frihetsnytt, which on several occasions has had its payment services stopped. Representatives for the company believe the decisions lack factual basis and feel there is a political dimension.

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Samnytt has reported on other similar cases. For example, the editor-in-chief of Fria Tider had his personal accounts shut down by Swedbank. Former Samnytt employee Mira Aksoy experienced the same thing—while she was undergoing cancer treatment. Current Samnytt contributor Mattias Albinsson had his BankID revoked by SEB without concrete reasons.

Individual banking customers have also testified to interventions regarding relatively everyday transactions, such as cash withdrawals, where banks have demanded extensive explanations afterwards. These mappings go far beyond what can be justified by current regulations or is reasonable in a democratic society that respects personal privacy.

“The banks decide who gets to participate in society”

Criticism against the banks’ actions has grown in recent years. A recurring argument is that private actors have, in practice, gained the power to decide who may participate in the economic system and thereby in central parts of society.

Samnytt contributor and Sweden Democrat (SD) politician Kent Ekeroth has, in several articles, described this development as a democratic problem. He argues that the banks, by referring to “insufficient customer due diligence” and internal risk assessments, in practice operate as gatekeepers.

His criticism highlights that decisions are often taken without clear justification, that customers have limited opportunity to appeal, and that anti-money laundering legislation risks being applied more broadly than intended.

Ekeroth argues that this results in a system where access to fundamental social functions may be restricted without legal review.

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Among the measures raised in the debate are demands for clearer legal requirements for justification when closing accounts, opportunities for independent appeal, stronger oversight of bank decisions, and a guaranteed right to basic banking services.

According to critics, the aim is to restore the balance between crime fighting and individual rights.

Democratic implications

It is argued that the question of the banks’ role has thus gained a wider dimension than just financial regulation. When access to a bank account and digital identity is crucial to work, run a business, and participate in social life, the consequences of being shut out become extensive.

The information raised via Epoch Times—that even media consumption can become a factor in banks’ risk assessments—has raised concerns about a development in which economic systems can indirectly be used to influence or restrict the expression of opinion.

The question more and more people are asking is where the boundary lies between legitimate control of financial risks—and a system where even people’s opinions and information choices become part of the evaluation.