Bank of England and other UK financial regulators have announced they are opening up more access to the data of more than one billion financial institutions to help them fight money laundering.
The Financial Conduct Authority and the Financial Conduct Agency of Ireland are both taking steps to streamline their oversight of their respective agencies.
The FSA said on Wednesday it will launch an online portal that will provide access to data that was previously unavailable to regulators.
Financial firms and regulators have been struggling to get into the game for years, as regulators struggled to identify who was actually doing the work of forex fraudsters.
The Financial Conduct and Markets Authority (FCMA) and the Office of the Comptroller of the Currency (OCC) are both currently unable to provide data that can be accessed through third-party sources such as online portals.
In an effort to help banks catch up, the FSA and the OCC are now launching a similar portal to help financial firms and brokers identify suspicious transactions that could be linked to money laundering activity.
They have also introduced new tools to help regulators and regulators’ offices monitor suspicious activity.
The FSA has already begun sharing data from its own financial services provider, Bank of America, to the FSA.
Bank of New York Mellon has already launched its own data-sharing portal to assist regulators with the identification of suspicious activity on its platforms.
Banker.com has said it will share data on suspicious activity from the firm to regulators and to help the regulator understand the nature of the business.
Bank of New England and the Bank of Nova Scotia have also launched their own data sharing tools to assist the regulator and regulator’s office with the monitoring of suspicious activities.
Bank of Nova.
Scotia and Bank of Newfoundland are both using their own third-parties to assist them with the data sharing and monitoring of the companies’ platforms.
As of this writing, there is no information available from the banks’ third- parties that they are sharing data to the financial services regulator.