UK Banks Unite to Combat Economic Crime by Sharing Customer Data

Barclays, NatWest, and Lloyds are among seven banks sharing customer data with the National Crime Agency (NCA) to combat economic crime. This initiative, launched in May, has identified eight new crime networks and aims to tackle money laundering and 'dirty money'. The project underscores Britain's intensified efforts to address economic crime costing the economy up to £350 billion annually.

Barclays, NatWest, and Lloyds are collaborating with the National Crime Agency (NCA) by sharing customer data in an unprecedented initiative to combat economic crime. This project aims to crack down on money laundering and 'dirty money' flowing through Britain.

Launched in May, the initiative includes voluntary data-sharing agreements with Santander, TSB, Metro Bank, and Starling Bank, among others. Already, it has exposed eight new crime networks that potentially exploit the financial system. With economic crime costing Britain up to £350 billion annually, lawmakers are intensifying efforts to tackle the issue.

Director of the NCA's National Economic Crime Centre, Adrian Searle, revealed that the project has also contributed new intelligence to ten major investigations. To ensure compliance with data protection laws, banks only share customer information with clear indicators of economic crime. The Financial Conduct Authority (FCA) is monitoring the project, which builds on a previous 2021 pilot involving NatWest and Lloyds.

(With inputs from agencies.)