LONDON—British banks are collaborating and sharing information in an effort to crack down on the country’s money laundering problem and illicit asset flows from Russia.
AML Intelligence reported the banks are gearing up to share more data with their peers on suspected serious economic crime as part of wider efforts to stem dirty money flows into the country.
“More than half a dozen banks are already in advanced talks with British law enforcement and government agencies on plans to systematically share intelligence on major financial crimes such as money laundering and terrorism financing in two landmark pilots expected to launch within months,” AML Intelligence said.
The first pilot involves about six banks and Britain’s National Crime Agency (NCA), and would allow companies to share data if they identify multiple flags about potential serious financial crime, sources told the publication.
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