Financial Crime

AML checks

With our AML software, you can work to prevent financial crime and help your business meet legal requirements under Anti-Money Laundering UK legislation. The platform covers advanced AML screening, fraud monitoring, and risk categorisation – all in one easy-to-use system. Our event-driven model allows you to automate this process, saving time and money.

KYC Automation

Our KYC API supports your onboarding process, populating the customer question set and identifying any hidden risks, minimising the need for manual input. It automatically batch-gathers the information required to calculate and assign a customer risk assessment (CRA) score. This helps you meet KYC and AML regulations whilst minimising customer friction.

Quickly verify customer information

Our financial crime compliance framework uses advanced identity verification to quickly and easily onboard genuine customers while flagging potential fraud. It also streamlines the identification of applications that require human intervention. So, you can meet compliance requirements without impacting the customer experience or risking customer dropouts due to delays.

Know Your Business (KYB)

Combining KYB and KYC due diligence, our tools help verify businesses by applying multiple layers of risk detection to fully understand if the business or the owner is engaged in suspicious activity. Experian provides access to the most comprehensive breadth of data sources in the market. Multi-sourced data corroboration is critical for understanding customers and exposing hidden risks.

Related links

Can using multi-source data help detect financial crime?

Why multi-sourced third-party data is key for detecting and preventing financial crime

Giving financial crime the red flag

Reduce spend

Our AML Software can reduce operational expenditure by 70% or more, by removing the need for periodic reviews and human intervention. Instead, you’ll be alerted when a customer’s risk score changes. Likewise, customers will only be contacted when a data change has impacted their risk profile, or if further information is required.

Proactive risk management

With our event-driven automation model, you can proactively monitor your portfolio for financial risk, without the need for periodic KYC reviews.

Reducing manual checks by up to 75%, manual intervention is only required when there has been a change in the data that could potentially impact the customer risk assessment. This ensures your teams can focus on the cases that really need their attention.

Establish risk

Continuously and automatically monitor customer risk, using our third-party sources to establish the risks of a business and its owners. Gain an in-depth, accurate understanding of who owns and controls the business, whether it is connected to any known frauds or adverse media if it operates in high-risk sectors, and more.

A full picture

Linking together large amounts of data from multiple sources allows us to create a full and comprehensive picture of a business and those who run it. This all-encompassing data plays an essential role in the management, assessment, and prevention of risk.

Seamless customer journey

Cross-referencing the customer’s details with third-party sources means you can access and verify the information you need, without burdening the customer or causing delays. This improves customer satisfaction and reduces the risk of drop-outs due to delays.

Ongoing monitoring

This approach also means you can establish a baseline, against which customer risk can be monitored going forward.

A unique partnership

By using Experian data and PwC’s industry and regulatory experience, we’ve developed a unique partnership. It offers market-leading practices, enabled by innovative technology, to help transform existing KYC approaches from cumbersome manual checks into a slick, automated operation. 

Crime in challenger banks

According to the FCA, challenger banks are a significant potential target for money launderers, because they promote their quick and easy commercial account opening process. Our KYC API allows for rapid onboarding and an excellent customer experience, without compromising KYC checks and financial compliance.

Identify crime quickly

Our automated approach will help you readily assess the customer risk and spot financial crime in a fraction of the time taken by traditional KYC approaches. You’ll also be able to continuously monitor risk more easily going forward.

Increase efficiency

Reducing manual checks by up to 75%, our event-based system means that manual intervention is only required when there has been a change in the data that could potentially impact the customer’s risk assessment. This leaves your teams to focus on the cases that really need their attention, improving efficiency and reducing costs.

Reduce expenditure

The process of preventing financial crime in banking is extremely costly. In fact, every year, UK banks spend upwards of £100 million carrying out KYC remediation programmes. By reducing manual checks and helping move towards full compliance, we’ll reduce your operational expenditure and help you avoid costly fines.

Identify hidden risks

Our AML Healthcheck utilises data profiling to understand your customers and the available KYC data. We’ll produce a report summarising the results of our data quality checks, the analysis, and your portfolio’s level of exposure to financial crime and corruption risks.

Data analyses

We’ll quickly analyse how your data compares to our third-party data sources, creating a comprehensive view of your exposure to high-risk jurisdictions, high-risk sectors, high-risk entities, and ownership risks. We’ll also profile your data so you have an understanding of your customers and the available KYC data.

Data matching

As part of the AML audit, we’ll match and compare the data in your KYC records to our data sets. Data quality checks will also be carried out in order to identify any KYC data quality issues and discrepancies against external data sets.

Customer screening

Identifying a business’s Ultimate Beneficial Owner (UBO) and authenticating that they are who they say they are, can be both timely and costly. We’ll screen your customers and UBOs against our watchlists to ensure they don’t appear on any PEP or sanctions databases.

AML Flags

Take a proactive approach to fighting financial crime and enhance your Know Your Business (KYB) processes with analytical insights derived from key data sources. Experian have undertaken extensive research to understand how criminals used registered businesses to perpetrate crimes and how data can be used to spot suspicious behaviour.

Related links

Giving financial crime the red flag

Transforming financial crime prevention

How industry data sharing can help detect and prevent financial crime

Prevent and detect fraud

Our fraud prevention solutions help keep you compliant while reducing the risk of fraud and financial crime. Through Key Party Identification and Key Party Screening, we can establish exactly who is behind a business, confirm that they exist, and ensure that they are who they say they are. 

Related links

Detect and prevent fraud

Authenticate business owners

Our customer onboarding solution identifies all key parties associated with a company and authenticates the business owners, and screens both the business and owners against fraud consortium data so you know who really controls the business and if they are associated with fraud.

Related links

Detect and prevent fraud

Fraud consortium data screening

Businesses and their owners are screened against fraud consortium data, including National Hunter, CIFAS, and Fraud Exchange databases, as well as Lexis Nexis PEPs, and Sanctions and Adverse Media databases. We also use restricted URA data to confirm the key people exist and are who they say they are.

Related links

Detect and prevent fraud

Utilise third-party data sources

Using our APIs allows you to quickly scan and inspect multiple third-party data sources to quickly establish a baseline view of risk against which the customers can be monitored going forward.

Related links

Detect and prevent fraud

Eliminate friction during onboarding

Cross-referencing the customer’s details with third-party sources means you can quickly source and verify information, without burdening the customer. This eliminates friction from the onboarding process, improving the customer journey and reducing the risk of customer dropouts caused by processing delays.

Related links

Detect and prevent fraud