Top German banks form venture to fight financial crime (updated)
Wed 09:23
UPDATE 1-Top German banks form venture to fight financial crime Updates with details
FRANKFURT, Nov 11 (Reuters) - Germany's Commerzbank CBKG.DE, Deutsche Bank DBKGn.DE and the nation's savings banks said on Wednesday that they were forming a joint venture to fight financial crime.
The project allows banks to share information and data on potential fraud to detect it at an earlier stage, the banks said.
"Perpetrators frequently use accounts at multiple banks and transfer funds between different institutions within a short period of time. Individual banks have so far generally only seen part of the overall picture," they said.
(Reporting by Tom Sims, editing by Thomas Seythal)
((Tom.Sims@thomsonreuters.com))
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