Speed read: The proposal to impose a mandatory duty to report fraud on financial institutions seems like a useful additional data source for law enforcement, but the measure mirrors the pre-existing duty to report money laundering closely. The latter is a well-established compulsory reporting requirement imposed on a wider range of institutions which, if applied properly, might be thought to render the new proposal unnecessary.

https://brightlinelaw.co.uk/duty-to-report-fraud-an-unnecessary-duplication/