RBS To Help Cops Catch White-Collar Criminals

Written By Unknown on Senin, 03 November 2014 | 23.33

Taxpayer-backed Royal Bank of Scotland is to help it investigate complex financial crimes with the City of London police, it has been confirmed.

In what it described as a "landmark agreement", the bank which is 80% owned by the Government, will help "tackle the most complex and challenging financial crimes facing the UK".

The force said RBS staff will assist its economic crime directorate on a voluntary basis, supporting training events and research and development projects.

City of London police are responsible for enforcing laws inside the Square Mile, the geographical heart of Britain's crucial financial sector.

However, bankers will not be involved in any operational police activity and will not be asked to advise on information relating to specific investigations.

Video: How Would Business Be Affected?

Commissioner Adrian Leppard, who is the National Policing Lead for Fraud, said: "Signing this agreement with RBS, which we hope will be the first of many with the financial sector.

"(It) means we can now tap into their massive knowledge base of financial products and digital technology and use their foreign language skills, which reflects the increasingly international dimension of economic crime investigation."

Like other banking industry giants, RBS has been the recipient of fines, settlements and set aside provisions as global regulators turned from soft-touch supporters to fierce watchdogs.

Video: Sky's Business Presenter Ian King

RBS and others have incurred massive costs over insurance mis-selling, benchmark rate manipulation and more recently currency trading allegations.

The financial crash in 2008 also lead to the Government bailout of RBS, in Britain's biggest ever company failure.

Last month, RBS avoided fines totalling €115m (£90m) after telling EU watchdogs of attempts to rig Swiss franc interest rates with JP Morgan.

Video: RBS Profits 'Boosted By Economy'

RBS head of security, resilience and control Emma Smith said: "Protecting the safety and security of our customers and staff is a top priority as we work towards making RBS the most trusted bank by 2020.

"I am delighted to have signed this agreement and look forward to working closely with the City of London Police in their fight against financial crime.

"The experience and expertise of our employees will help safeguard our customers and others."


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