Speaking on Wednesday at a Financial Times-hosted conference on combating financial crime, chairman of the Serious and Organised Crimes Agency (SOCA), Sir Stephen Lander, pledged that the Agency will create a more effective working relationship with the UK's financial services sector than the National Criminal Intelligence Service (NCIS).
According to an FT report, Sir Stephen explained to delegates that when SOCA takes over from NCIS next April:
"We are not just going to be another National Criminal Intelligence Service. It is important that we are different...and translate knowledge into action."
The NCIS has been criticised by many within the financial services industry for being unable to deal with the volume of suspicious activity reports (SARs) generated by financial and other institutions under the country's new anti-money laundering rules.
Also speaking to delegates at the FT conference, Bob Upton, head of financial crime prevention at Lloyds TSB observed wryly that:
"There is little point in turning on the tap and providing a torrent of information if there isn't a big enough bucket to deal with it...There has to be a way of using this intelligence better if it is not to continue to go to waste."
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