UK report says banks could share money-laundering checks on customers
02 Nov 2018

Shared digital platforms for banks to make anti-money laundering checks on customers could save money and boost Britain’s fintech sector, a report from TheCityUK and Deloitte said on Thursday.

The report was commissioned by the Financial Services Trade and Investment Board (FSTIB), a joint industry and government body set up in 2013 to strengthen Britain’s role as a global financial centre.

“By developing new shared digital platforms, the industry could reduce costs, increase regulatory efficiency, and improve customer experience,” said Miles Celic, chief executive of TheCityUK, which promotes Britain’s financial services sector.

The report recommended further work on how “digital utilities” could be used by financial firms to make “know your customer” checks to prevent money laundering, and to report data to regulators.

– By Huw Jones, Reuters, 1 November 2018.

Link to Reuters.

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