Banks not sharing information allows dirty Russian money to flow

  • Dean Curtis, UK Managing Director at LexisNexis

  • 22.03.2017 06:00 am
  • undisclosed , Using data, technology and analytics to deliver decisions to manage risk in the most efficient and effective manner. A proven global business leader with over 20 years’ experience in delivering high growth strategies.

A lack of information sharing between organisations fighting financial crime has allowed such a severe scale of money laundering to take place. The fact that so many different banks were unaware of this criminal scheme shows that more needs to be done to improve collaboration between banks, regulators and government agencies. Although this has improved in recent years since the formation of JMLIT, there are still too many information blind spots where criminals freely operate. Even information sharing within banks is hugely problematic when data crosses jurisdictions and it remains to be seen whether this will worsen for UK banks post-Brexit. As such, we hope that the forthcoming criminal finances bill will expose this issue and encourages greater information sharing across the financial services industry.

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