The Royal Bank of Scotland announced this week that it has agreed to provide free training and consultation to the City of London Police to bolster thier efforts to fight financial crime. Under the signed agreement, the state-backed bank will share financial, legal, language and cyber-knowledge, news sources report.
With last week's announcement of £400 million to recoup the RBS's potential fines for manipulating currency markets, and its warning that further charges for past misconduct would continue to hit its profits, there has been speculation of a pending deal with law enforcement.
In response, City of London Police told news sources that all investigations involving the bank are to be completely separate from this new collaboration between the two entities, and that bank employees will not in any way be involved in police operations. Police department representatives also noted that RBS will not be asked for advice relating to specific investigations, anything from insurance and card payment fraud to bribery, corruption and rogue financial traders.
This unprecedented collaboration is part of a larger law enforcement initiative to “crack down” on financial crime in the UK, which is projected to cost the economy upwards of £73 billion this year.