Exit date: February 2024
The financial institutions (certain participating banks) are exploring the legal framework and practicalities of sharing data related to customers that pose the highest risk of financial crime. This provides the other participating banks with the ability to identify information relating to the potential financial crime risk presented by their customers, or potential customers, that they would have otherwise not known. The pilot is being facilitated by the Home Office and UK Finance, with a technology platform being provided by a third-party provider. It will help the participating banks to explore whether they can share certain personal data, in a peer-to-peer way, to supplement their business-as-usual processes to better manage financial crime risks. The pilot group entered the Sandbox to consider if this data sharing can be carried out whilst adhering to the requirements of UK data protection law.