Skip to content
Search

Latest Stories

Seven UK banks partner with NCA to tackle money laundering

Barclays, NatWest, and Lloyds among seven banks sharing customer data with National Crime Agency

Seven UK banks partner with NCA to tackle money laundering

Barclays, NatWest, and Lloyds are among seven banks sharing customer data with the National Crime Agency (NCA) to combat criminal gangs, money laundering, and "dirty money" in the UK. This initiative is the largest project of its kind worldwide.

Reuters revealed a year ago that more than six banks, including NatWest and Lloyds, were involved in trials with law enforcement and government agencies, sharing intelligence on client accounts that raised concerns about economic crime threatening Britain.


The NCA, a top investigator, says the project went live in May, included voluntary data sharing deals with Santander, TSB, Metro Bank and Starling Bank, and had already identified eight new crime networks that might be exploiting the financial system.

Britain has ramped up efforts to tackle economic crime, which lawmakers say costs the economy up to around £350 billion ($452bn) each year, after Russia's 2022 invasion of Ukraine shone a spotlight on how kleptocrats and criminals used the country as a haven to launder, hide and spend "dirty money".

Adrian Searle, director of the NCA's National Economic Crime Centre, told Reuters that three crime networks had been passed to the NCA's intelligence division for further investigation. The project has also uncovered new intelligence linked to 10 of the agency's biggest investigations. He did not divulge details.

"The fundamental purpose is to bring together the collective efforts of law enforcement, government, regulators and the private sector to combat economic crime," Searle said.

Singapore launched a digital customer data sharing platform known as COSMIC (Collaborative Sharing of Money Laundering/Terrorist Financing Information and Cases) with six banks in April. But this does not include law enforcement, Searle said.

'We are deeply conscious of the issues around data privacy'

Under the programme that is due to run until October, bank staff are seconded to the NCA to form a team of between 15 to 20 intelligence officers, data scientists and analysts to probe movement of money suggestive of criminal behaviour – and ensure legitimate customers are left alone.

Banks have long been wary of sharing customer data for fear of falling foul of European data protection and privacy laws, which could trigger litigation by customers whose accounts have been locked pending investigations.

But the NCA and the banks insist they only share account data with "multiple clear indicators of economic crime" on customers, people or businesses that meet a set of markers about potential criminal behaviour. Banks' lawyers have also ensured all data sharing meets an acceptable risk.

"We are deeply conscious of the issues around data privacy," one senior banking executive involved in the trial said.

"It's also clear that our terms and conditions as banks enable us to share the information without notification to the customer because this is all ultimately to do with fulfilling our legal obligations to help detect crime and prevent financial harm," he added.

The Financial Conduct Authority (FCA) regulator is observing the project. Without this, there would have been less appetite for the pilot, the banker said.

The initiative builds on a first pilot between the NCA, NatWest and Lloyds between October 2021 and February 2022. It tested the practicality and benefit of fusing bank and crime data to better identify and disrupt economic crime - and led to one arrest and charge.

The volume of accounts identified, however, represents a "very small fraction" of the British total, the NCA says.

The ultimate goal is that such trials will pave the way for the use of data for real-time insight to prevent crime.

"But it's a long way to go before we get there," Searle said. (Reuters) 

More For You

Andrew Tate Sued by Ex-Girlfriend Brianna Stern Over Sexual Assault Allegations

Tate’s attorney, Joseph McBride, has dismissed the lawsuit

Getty

Andrew Tate faces sexual assault lawsuit from ex-girlfriend Brianna Stern

Social media personality Andrew Tate is facing a new lawsuit from his ex-girlfriend, Brianna Stern, who has accused him of sexual assault, battery, and gender violence. The lawsuit, filed in Los Angeles, details allegations of abuse and an incident that allegedly took place at The Beverly Hills Hotel on 11 March 2025.

Allegations in the lawsuit

According to the legal complaint, Stern claims that Tate initially appeared as a "dream come true" but later became emotionally and physically abusive. The lawsuit describes a violent encounter at the hotel, where she alleges Tate physically assaulted and threatened her.

Keep ReadingShow less
Voices of Faith 2025: A journey through spirituality and wisdom

Soumik Datta (R) and Gurdain Singh Rayatt

Voices of Faith 2025: A journey through spirituality and wisdom

Mahesh Liloriya

The inaugural edition of Voices of Faith commenced on Friday at the iconic Barbican Centre, Silk Street, London, marking the beginning of an extraordinary three-day festival exploring theological philosophies, interfaith dialogues, and the deeper essence of spirituality through conversations, music, and healing vibes.

Organised by Teamwork Arts, the creators of the Jaipur Literature Festival (JLF) and JLF London, Voices of Faith is presented by the Kamini and Vindi Banga Family Trust, with the support of Tech Mahindra. Eastern Eye and Garavi Gujarat serve as the official media partners of this landmark event. This unique festival seeks to offer insights into navigating the complexities of modern life through the timeless wisdom enshrined in global religious traditions. It focuses on the universal ideals of compassion and interconnectedness that underpin the world’s faiths, fostering dialogue that transcends barriers and deepens mutual understanding.

Keep ReadingShow less
Court reopens Asian child sex offender's deportation case

Home Office successfully challenged a ruling that allowed him to remain in Britain (Photo for representation: iStock)

Court reopens Asian child sex offender's deportation case

A PAKISTANI man convicted of sexually assaulting a child under 13 will face a fresh deportation hearing after the Home Office successfully challenged a ruling that allowed him to remain in Britain, reported The Times.

The offender, who cannot be named for legal reasons, had initially won his case to stay in the UK after claiming he would face "inhuman or degrading treatment" if sent back to Pakistan due to his alcoholism.

Keep ReadingShow less
India launches Operation Brahma to aid quake-hit Myanmar

Rescue teams work to save residents trapped under the rubble of the destroyed Sky Villa Condominium development in Mandalay on March 29, 2025. (Photo by SAI AUNG MAIN/AFP via Getty Images)

India launches Operation Brahma to aid quake-hit Myanmar

INDIA has swiftly responded to the devastating earthquake in Myanmar by launching Operation Brahma, sending emergency relief and rescue teams to the disaster-stricken nation.

A C-130J military transport aircraft of the Indian Air Force landed in Yangon on Saturday (29), carrying 15 tonnes of relief supplies including hygiene kits, blankets and food parcels. The aid mission comes after a powerful 7.7-magnitude earthquake struck Myanmar on Friday (28), killing more than 1,000 people and injuring nearly 2,400 others.

Keep ReadingShow less
Britain’s happiness crisis: UK hits record low in global wellbeing rankings

Pakistan stands at 109th place out of 147 countries

Britain’s happiness crisis: UK hits record low in global wellbeing rankings

THE UK has experienced a significant blow to its national morale, plummeting to 23rd place in the World Happiness Report for 2025 – its lowest ranking ever – despite being the world’s sixth richest nation.

Released to mark the UN’s International Day of Happiness last Thursday (20), the report provided a nuanced exploration of national contentment that extends far beyond economic measurements.

Keep ReadingShow less