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UK report says banks may share money-laundering checks on prospects

LONDON (Reuters) – Shared digital platforms for banks to make anti-money laundering checks on prospects may lower your expenses and increase Britain’s fintech sector, a report from TheCityUK and Deloitte mentioned on Thursday.

The report was commissioned by the Financial Services Trade and Investment Board (FSTIB), a joint business and government physique arrange in 2013 to strengthen Britain’s position as a global monetary centre.

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

The report beneficial additional work on how “digital utilities” might be utilized by monetary corporations to make “know your customer” checks to forestall cash laundering, and to report knowledge to regulators.

It gave no figures on potential price financial savings.

“Many of these challenges are best met with a collective response – working together with regulators to find common solutions which benefit everyone, while keeping costs down,” mentioned Nathan Bostock, chief govt of Santander UK financial institution and chair of the FSTIB’s fintech working group.

Shared platforms are the following frontier in monetary companies and would wish backing from the government and regulators to permit for the sharing of information, the report mentioned.

But any shared platform should present advantages to backers and customers with out undermining competitors within the sector, the report added.

Reporting by Huw Jones; Editing by Alexandra Hudson

Our Standards:The Thomson Reuters Trust Principles.

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