The Royal United Services Institute (RUSI) has published a new report in support of information sharing between financial institutions. It has outlined key information sharing principles including:
- Leadership and Trust
- Legislative Clarity
- Technology and Analytical Capability
- Adaptability and Evolution
The report reaches some important conclusions about regulatory and risk reform, and lays out a framework to create and implement creative solutions to bridging the information gaps that enable financial crime.
The full report can be found here: https://www.future-fis.com/uploads/3/7/9/4/3794525/ffis_report_-_oct_2017.pdf
Data privacy is of utmost concern for citizens in many countries, and giving governments full authority and free access to individuals' data (financial and otherwise) can be a hard pill to swallow. Recent breaches of governmental trust have significantly changed the perception of elected-governments' ability to protect citizens' rights to privacy. That governmental scrutiny has created a challenging impasse for law enforcement and financial institutions when it comes to fighting financial crimes. Without robust data, creating linkages between criminals, transactions, behaviors, and methods becomes exponentially more difficult. Without trust, (law-abiding) people are exponentially less likely to give access to that data.