The British Bankers’ Association (BBA) has announced the launch of a pioneering financial crime alert system which will see 12 government and law enforcement agencies warn banks of the latest threats in a bid to safeguard the accounts of millions of customers.

The BBA will launch the financial crime alerts service (FCAS) as part of a new approach to combat a wide range of financial crime threats.

When it goes live, planned for early 2015, the BBA FCAS will include warnings on:

• terrorist financing;
• money laundering;
• bribery and corruption;
• cyber and e-crime;
• fraud; and
• emergent, thematic and strategic reports.

FCAS will share real-time intelligence with expert banking officials in place to tackle fraud, financial crime and other violations.

It will allow the sector to react more swiftly to major incidents and allow industry financial crime professionals to spot emerging problems and threatening criminal trends.

A copy of the press release is available http://bit.ly/1psk8UL