The BBA has announced it has launched a financial crime alert service for its member banks at a security conference held in London, scheduled to go live in January 2015 with a limited number of UK banks.

The service will allow banks to receive financial crime information from 12 public bodies and will help banks to prioritise the vast amounts of information they receive through a cloud hosted online portal provided by BAE Systems.

The service builds on the existing model the BBA has been using for several years working with the National Fraud Investigations Bureau and the Metropolitan Police to provide information on fraud and physical security.

The updated service will cover anti-money laundering, counter fraud, cyber security, terror financing, and bribery and corruption using a single service to help communication between divisions.

The BBA will provide recipients of the service with a digest that identifies common themes across those areas of financial crime risk. The BBA said that it will handle in integration of banks and due to the size of the service will need to on-board banks incrementally.

The service draws on the BBA’s examination of financial crime in other countries. The US provided inspiration for the service with its traffic light system used to colour code information based on its importance, with red marked items needing immediate attention.

A spokesperson for the BBA said: "We believe this mechanism will allow banks to not only receive financial crime information across all those areas of risk through a single mechanism, but will also help our members prioritise the actions they need to take to resolve them quickly.

"The service will help banks to be directed toward issues that are urgent, that are strategically and that are more long term."
The banks that sign up for the service will receive notifications when new information is available and a nominated person at the bank will be able to log in to access the information and take the action that is needed.

The service is part of a broader strategy to strengthen the partnership of banking industry and public authorities to address financial crimes. Further details are yet to be announced.