LONDON—Several banks are in advanced discussions with British law enforcement and government agencies to establish two “groundbreaking” pilot programs aimed at sharing intelligence on significant financial crimes such as money laundering and terrorism financing.
The initiatives are expected to launch within a few months sources told The Paypers.
The Paypers reported the efforts are coming as Britain intensifies its actions against economic crime, which the government estimates costs the economy approximately $450 billion annually. In addition, Western countries have imposed sanctions on individuals, companies, and industries in response to Russia's invasion of Ukraine, The Paypers noted.
Overcoming Hesitance
“Traditionally, banks have been hesitant to share customer data due to concerns about violating stringent British and global data protection and privacy laws,” the Paypers stated. “Such breaches could lead to litigation from customers whose accounts have been frozen during investigations.”
Nevertheless, these trials are aligned with an upcoming U.K. law that will play a central role in the crackdown on financial crime, the report added.
British anti-corruption officials pointed out banks play a crucial role in combating money laundering and fraud.
‘New Methods’
“Consequently, they greatly appreciate any new methods that facilitate the exchange of information to identify criminals, while also upholding privacy rights. Reuters.com reports that two of the prominent banks in the U.K., Lloyds and NatWest, are actively involved in these data trials,” The Paypers said.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com