British banks will receive real-time warnings about threats to customer accounts and the overall integrity of their banking systems from a new rapid alert system for financial crime.
The new service, called the “Financial Crime Alerts Service” (FCAS), is designed to allow the identification of urgent incidents and criminal trends, according to data from 12 government agencies and law enforcement agencies – including the UK’s National Crime Agency (NCA).
The system has been designed, by the British Bankers Association (BBA), to provide early warnings about a wide range of threats.
The service is expected to launch in early 2015, and will send warnings about terrorist financing, money laundering, bribery and corruption, cybercrime and fraud.
“Using real-time information collected from 12 participating agencies and government agencies, the new portal will share this information with specialist banking staff, with the aim of tackling fraud, financial crime and other breaches,” says the British Bankers Association.
Anthony Browne, chief executive of the BBA, said: “This alert system is a powerful new weapon against tax evaders, cybercriminals and other fraudsters who aim to steal our customers’ money.”.
“Receiving real-time alerts from domestic and international agencies, such as the National Crime Agency and 11 other government agencies and law enforcement agencies, will be vital for the army of bank employees already hired to combat these threats,” he added.
