Businesses, regulators and enforcement agencies continue to work together to identify new money laundering and fraud threats, tackling them on a collective and global basis however meaningful and effective sharing of information remains elusive.
Information sharing is viewed universally as the critical determinant of success and yet, privacy and data protection concerns prevail.
Balancing these two competing positions continues to vex policymakers, practitioners and the ever growing FinTech community.
Although the UKs Economic Crime Policy has been built upon the belief that greater information sharing can achieve a step-change in the fight against financial crime, what will the legislative, regulatory and compliance framework have to look like beyond 2020?
Hopefully, a framework that will better support effective information sharing between PSPs and agency partners.
