While information sharing has seen success among regulators and banks, in 2019 we should start to see it become more prevalent amongst smaller financial institutions. To make sure that this trend is a success, however, a culture of collaboration needs to be cultivated, and supported by timely guidance from regulators. Various obstacles stand in the way of information sharing, not least the inconsistency of territorial regulation and privacy legislation, all of which will need to be resolved for this trend to really get going.
Willem Wellinghoff, MLRO at Shieldpay said that “Information sharing is of crucial importance to combat financial crime effectively. We have traditionally seen challenges in being able to share and obtain information with financial institutions due to the fear of tipping off and privacy-related issues,” looking to the future he continued “FinTech and emerging technologies will play a vital role in shaping the sharing of information.”
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