By Iain Withers and Kirstin Ridley
BRITISH banks are to share information between the institutions to crack down on the country’s money laundering problem and illicit asset flows from Russia.
AML Intelligence has learned 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.
Sources described the two projects are “game changers.”
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.
The first pilot involves around 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 revealed.
The second pilot would involve launching a broader database for suspected economic crime and involves around eight banks, Britain’s interior ministry (the Home Office) and bank lobby group UK Finance, it has been learned.
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