UK banks discuss sharing customer data to prevent financial crimes

22/06/2023 | Reuters

Several British banks are in talks with law enforcement and government agencies to share more data on suspected serious economic crime. The banks aim to tackle money laundering and terrorism financing in two landmark pilots set to launch soon. Sharing intelligence on major financial crimes is part of a wider effort to stop dirty money flows into the country, especially from Russia. The report indicates that banks have been wary of sharing customer data due to strict data protection and privacy laws that could lead to litigation.

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Pound sterling, money

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