What banks need to know about new routes for sharing financial crime data

In 2020, the Intelligence and Security Select Committee produced a report on Russia which labelled London a ‘laundromat’ for corrupt money. A memorable label reflective of a much broader issue. The impact of financial crime on our society.

Despite having one of the toughest regulatory eco-systems for combatting money laundering and wider financial crime - the annual cost of such activities to the UK economy is estimated to be around £37 billion.

But things could be about to improve. Subtle but highly significant developments in the latest iteration of the Economic Crime & Corporate Transparency Bill, are poised to change the way banks and other regulated financial institutions communicate when it comes to suspicious customer activity.

Read on to learn about what’s changed, what this means for peer-to-peer financial crime data sharing, and why this is good news in the fight against financial crime.

It’s time to talk.