Seven major UK banks, including Barclays, Lloyds, and NatWest, are sharing customer data with the National Crime Agency (NCA) in a groundbreaking initiative to combat economic crime. This unprecedented collaboration marks the largest project of its kind globally, aiming to disrupt criminal gangs, money laundering, and the flow of “dirty money” through the UK.
The project, which went live in May, has already yielded significant results. The NCA has identified eight new crime networks and uncovered valuable intelligence related to ten of its most prominent investigations. Three crime networks have been referred to the NCA’s intelligence division for further investigation.
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The initiative, which is due to run until October, involves bank staff seconded to the NCA to form a dedicated team of intelligence officers, data scientists, and analysts. This team scrutinizes financial transactions to identify suspicious activity while ensuring legitimate customers are not affected.
The project is considered a crucial step towards establishing a real-time crime prevention system, leveraging data to proactively combat economic crime. While challenges remain, the collaborative approach between law enforcement and the banking sector promises to significantly disrupt criminal activity and safeguard the UK’s financial system.