Source · Select Committees · Treasury Committee
Recommendation 29
29
Improving data-sharing between banks is one of the measures which the PSR is implementing as...
Conclusion
Improving data-sharing between banks is one of the measures which the PSR is implementing as part of its reform of the CRM Code. The Treasury should be ready to bring forward any legislation which is needed to enable this, and the PSR should ensure that banks act quickly in putting in place the necessary changes. (Paragraph 125) Anti-money laundering
Government Response
Not Addressed
HM Government
Not Addressed
We recognise the role that data plays in the fight against APP scams. Our proposal on data sharing aims to improve intelligence sharing between PSPs about the risks of payments, which should improve scam prevention. A number of PSPs, along with UK Finance and Pay.UK, have initiated a joint industry working group to assess the specific information that could be shared. This group is looking to identify the data that should be shared and the best way of sharing it – for example, between PSPs when a payment relationship is first set up, or as part of the payment itself. The working group aims to have high level proposals on these points by the end of May 2022. We welcome industry organising the joint working group, and its efforts to find workable solutions to sharing information in a timely manner to prevent fraud. We have asked the group to develop a plan of outcomes and timelines, and to report back to us on progress. This group is making progress and its aims align with our objectives to improve fraud prevention and detection. We will keep the Committee informed on progress.