Business
U.K. Banks Expand Influence as Financial-Crime Rules Reformed
- More banks join task force targeting industry regulation
- Aim to curb billions lost to scams, money laundering each year
This article is for subscribers only.
A raft of global banks including HSBC Holdings Plc and Morgan Stanley were among those added to a U.K. task force that aims to set strategy for fighting financial crimes in the country, giving the industry more influence over its own regulation.
While details were scant, the task force promised in a statement Friday to improve the use of data to bust fraudsters and money launderers, reform reporting of suspicious transactions and establish a new regime for crypto-assets. The group includes law enforcement, government officials and businesses that estimate such crimes cost the U.K. an estimated 37 billion pounds ($46 billion) a year.