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The UK is planning to launch 2 pilot projects by October 2023 that will involve sharing of data and intelligence among banks on major financial crimes such as money laundering and terrorism financing.
The first pilot will involve around 6 banks and Britian’s NCA (National Crime Agency). It allows banks to share data if they identify multiple flags about potential serious financial crime.
The second pilot will involve 8 banks, UK Home Office, UK Finance, the Information Commissioner’s Office, and technology firm Cifas. It will inovle the launch of a database for suspected economic crime, similar to the UK’s national fraud database.
Lloyds and NatWest are said to be participating in both trials.
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