Ekeroth to SD: Banks act as gatekeepers deciding who can participate in society

The influence of banks on the everyday lives of Swedes has grown to a level that more and more describe as legally uncertain and practically undemocratic. In recent years, tens of thousands of individuals have had their bank accounts terminated or been denied services – often without clear justification. Critics argue that banks today function as political gatekeepers, where vague formulations such as ‘lack of customer knowledge’ are used as pretexts to exclude people from the economic system. One of those who has reacted is SD politician Kent Ekeroth, who now hopes to gain support for a new motion ahead of the party’s assembly.

The upcoming weekend, the Sweden Democrats will hold their national days in Örebro. This is where the party’s highest decision-making body – the elected delegates from all over the country – will gather together with the party leadership, members of parliament, and other representatives to establish political priorities and address this year’s motions. The national days are the central arena where the party’s direction is shaped, and where decisions are made that will guide both policy and organization in the coming years.

This year’s national days will determine which proposals will become official SD policies in the future. The meeting in Örebro is expected to be one of the most anticipated so far, after an almost completed term as a support party to the government and with the upcoming election year. Several motions addressing central societal issues will be considered. Among those who have submitted three motions is SD veteran and Samnytt contributor Kent Ekeroth. His proposals concern the law on incitement to racial hatred, the law on defamation, and the growing power of banks.

Kent Ekeroth, with eight years in parliament behind him, is currently a regional councilor in Dalarna. He is also involved in the newspaper Samnytt as an unpaid CEO and editorial writer, where many have followed his articles on, among other things, the power of banks and Swedes who have had their accounts closed without explanation. According to Ekeroth, this poses a threat to democracy, and he has therefore drafted a comprehensive motion to put the issue on the agenda ahead of the SD national days.

According to the Financial Supervisory Authority’s report, the number of forcibly closed accounts increased from 45,000 in 2020 to 60,000 in 2022 – a third more. Many accounts are closed due to suspicions of criminal activity, especially organized crime. However, among the many forcibly closed accounts, there are also many where the reasons are unclear. In several cases, customers have not had the opportunity to appeal, but have only had a few days to accept the decision – despite being customers of the bank for several years with completely legal incomes.

Many are affected – especially alternative media

Below is a selection that illustrates the development:

Simon Alm, former SD profile, was denied a new bank account at Nordea. He suspects that the bank ‘googled his name’ and that political connections were behind the decision. It was only after media attention that the matter was reopened.
SwebbTV, an alternative media channel, was denied its own account by Marginalen Bank, which considered their journalism to be ‘sensitive’. The decision was made without a specific justification.
Widar Nord, founder of Fria Tider, had both a bank account and bank ID closed by Swedbank due to ‘negative publicity’. The Stockholm District Court later disapproved of the bank’s actions.
Mira Aksoy, opinion maker and cancer patient who was treated in Norway, had her account closed by Swedbank despite explaining the delays in her updated information. Without bank ID, she practically lost access to important community services.
Biljardhuset, a customer of Nordea for over 20 years, had its account terminated with reference to ‘lack of customer knowledge’ – despite the company submitting all documentation. The decision risked completely stopping the business.

These cases and many others, especially within alternative media, have become symbols of a broader criticism. That banks make decisions that directly impact people’s lives, without transparency, clear rules, or the possibility of review.

For example, losing one’s bank account and, ultimately, also one’s BankID means more than just practical problems – it risks excluding a person from large parts of today’s modern society. Without these basic tools, it becomes difficult to pay bills, receive salaries, or rent a home.

Access to government services, payment services like Swish, digital communication channels, and healthcare is also affected, as many services today require BankID for identification. For those affected, everyday life becomes uncertain and limited, and the ability to live like any other citizen in a digitized society is seriously threatened.

‘Banks act as gatekeepers – a new form of censorship’

Behind many of the banks’ decisions lies the anti-money laundering law, which gives them the opportunity to refer to ‘lack of customer knowledge’ – even when the person or company has been a customer in the same bank for many years. This also applies even if the individual or business has responded to all requests to disclose income and payments. In several cases, the banks have completely ignored the customers and given them only a few days to find a new bank, or risk being without this important societal function in today’s modern society.

Critics argue that the anti-money laundering law, with increased pressure from the EU, is being used in a way it was never intended for, and that law-abiding citizens are affected by unfounded decisions. In practice, the law acts as a political filter, where individuals, organizations, and companies with, for example, controversial political views risk being excluded from the economic system. This is at least the impression one can easily get by studying the various cases where banks have closed accounts for individuals, organizations, and companies.

When access to a bank account and BankID is a prerequisite for working, paying bills, running a business, and contacting authorities, the consequences are dramatic. Without a bank account, one is practically excluded from society.

The Swedish banking system has evolved into a closed and power-concentrated system where a few actors are allowed to act as both judge and executioner. At the same time, they hide behind rubber paragraphs such as ‘lack of customer knowledge’ or vague risk assessments. The real reason why accounts are closed or denied in many cases is not about economics or breaking the law – but about politics.

It is fundamentally a new form of censorship, where banks act as gatekeepers for who can participate in modern society.

Kent Ekeroth in his motion.

Therefore, the SD politician highlights a number of proposals that he hopes will be supported by the party during the national days. The proposals aim to restore what the motion calls ‘the legal balance’ and to prevent banks from acting as political actors.

In a motion ahead of the SD national days, Ekeroth wants to see:

Banks must provide a specific and legally tested basis for closing an account or denying a bank service. The bank must document the reason and enable an appeal to an independent body.
The anti-money laundering law and related regulations must never be used as a pretext for political censorship or economic exclusion of individuals, alternative media, or other organizations and companies.
Automated risk assessment systems must be combined with human review and customer contact before an account is closed.
The Financial Supervisory Authority should be given the authority to compel banks to reactivate incorrectly closed accounts, impose fines for systematic violations, and disclose cases where banks have acted arbitrarily.
Basic access to a bank account, including for companies with associated payment services, and e-identification must be guaranteed as a civic right, necessary for full participation in democracy and society.
The above points should be included in future government negotiations.

Party leadership: The problem is real – but the solution is complex

In an initial statement ahead of the SD national days, the party leadership has responded to the motion. The party leadership agrees with much of the problem description and expresses concern about the growing number of arbitrary terminations of Swedes’ bank accounts. At the same time, the party leadership emphasizes that the issue is complex, as it concerns both anti-money laundering legislation, bank secrecy, and competition rules.

In its statement, the party leadership believes that much is already being investigated and that the issue should be further addressed through preparations before any specific legislative proposals are made.

The party leadership also believes that there are already ‘existing complaint channels’ – including via ARN and the courts – even though legal processes can take several years.

Ahead of the national days, the party leadership has therefore stated that the motion should be considered answered:

At the same time, it is a complex matter with considerations against, among other things, anti-money laundering legislation, bank secrecy, supervision, and state aid and competition aspects. There are already relevant proposals and existing complaint channels via ARN and the courts.

The party leadership therefore believes that the direction in the motion is largely addressed through our work in parliament and that further handling should be done through preparations and investigation before specific legislative changes are formulated.

The party leadership’s response.

Private banks decide who can have an account

But according to Ekeroth, the debate about the power of banks should have become a larger political issue over the years, and it should not be seen as just individual incorrect decisions. It is about who has the right to participate in society – and on what grounds.

For if bank accounts and digital identification such as BankID are necessary to live a normal life, is it reasonable for private banks alone to decide who has access to them? Ekeroth wants to see this become a central issue in Swedish politics.

How has it been possible for banks to practically control who can participate in society without politicians intervening earlier?

– I think it is a combination of several different aspects. On the one hand, it has not affected ‘the good side’ as much, but has mostly targeted conservatives, with some exceptions. On the other hand, bank issues are often complex, which makes the threshold for politicians to understand the problem higher, something that should not be underestimated, says Ekeroth to Samnytt and continues:

– Then politicians are probably afraid that they risk facilitating organized crime and possibly also afraid of going against the major banks.

In your motion, you write that banks hide behind rubber paragraphs. What can politicians do to stop this development, where accounts are arbitrarily closed and law-abiding citizens are affected?

– It is, of course, possible to make the law clearer so that it does not affect law-abiding citizens, which it does today. In my motion, I give some examples of this, but there are certainly other ways.

– The point is that the issue must be reviewed immediately so that it is not abused against political opponents and starts being used for purposes other than what the stated purpose was, to combat organized crime, Ekeroth continues.

Those who want to read Kent Ekeroth’s motion in its entirety, as well as many others, can find them HERE.