A report supported by Barclays and financial markets data provider Refinitiv has recommended the development of a digital identity solution for the UK’s financial services industry to face up to the threats posed by money laundering and payments-related financial crime.

The report by the Emerging Payments Association (EPA) explores the latest developments in the way fraudsters and money launderers abuse payment services and bank accounts to commit serious financial crimes and sets out 12 recommendations for industry members to take action.

Technology and collaboration

Recommendations contained in the report, Facing Up To Financial Crime, identify the development of digital identity solutions as key to tackling abuses of the payments system.

The report also suggests payments and financial services companies should harness new technologies and work collaboratively to create a world-leading digital identity solution for the UK.

Information sharing

The report includes guidance on the effective use of technology to tackle financial crime threats, as well as advice on enhancing information sharing and suggestions for comprehensive and consistent reporting of criminal activity.

The report also calls for sector-wide activity led by the EPA to promote information sharing by government and law enforcement agencies with financial services companies for mutual benefit, through the use of a common platform.

The report, Facing Up To Financial Crime, can be found here.