With FinCrime becoming ever more sophisticated, it’s more important than ever that you know who you’re in business with. UK banks and financially regulated institutions are spending millions each year fighting financial crime.
There is a better way. Our approach blends the latest technology, data, and insight to deliver slick, automated financial crime prevention and remediation. It only requires manual intervention when the data calls for it, hugely reducing the time, cost, and effort involved.
Financial crime, known as FinCrime, is the mechanism and acts used to acquire, move and launder illegal funds.
The Economic Crime and Corporate Transparency Act 2023 is a UK law aimed at combating financial crime and improving corporate transparency through sharing of information and insights of criminal activities and suspicious behaviour. It also introduces a new corporate criminal offence for failing to prevent fraud, applicable to large organisations.
As an FCA-regulated business, it’s essential you adhere to all financial crime compliance regulations – including Anti-Money Laundering (AML) requirements, AML5D and JMLSG guidance, and Know Your Customer (KYC) strategies – to help detect financial crime. Guaranteeing your organisation is fully compliant helps avoid regulatory fines, protects your reputation and ensures a seamless customer experience.
For organisations with thousands of customers, re-confirming the identity of customers and categorising their financial crime risk can be a complex, costly, and time-consuming operation. In fact, it costs UK banks hundreds of millions of pounds each year.In 2018, the European Parliament adopted the 5th Anti-Money Laundering Directive (AML5D) to tackle the use of financial systems for the funding of criminal activities and terrorist financing. Those operating in finance must meet the requirements set out in the directive, as well as meet the guidelines outlined by the Joint Money Laundering Steering Group (JMLSG).
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Can using multi-source data help detect financial crime?
Why multi-sourced third-party data is key for detecting and preventing financial crime
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Know Your Business (KYB) helps you to verify the identity of a business and the people who own or control it using multi-source data corroboration and key-party screening.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
With ever-evolving technology and increasing opportunities for financial crime, effective financial crime risk management (FCRM) has never been more important. An integrated financial crime compliance risk model uses linked data to provide a full picture of your customer and financial crime risk assessment. Ultimately, this protects your business, your reputation, and your bottom line.
Financial crime is a growing concern for all UK financial institutions. The three key areas of concern are money laundering, corruption and the financing of terrorism. To help reduce the risk of these crimes occurring, banks and other organisations must comply with AML and CFT regulations, such as the EU’s anti-money laundering directives (AMLD) and the UK’s Proceeds of Crime Act (POCA).
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Experian Mule Score is our latest fraud detection solution that will help all current account providers in the UK protect consumers from APP scams.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Experian Mule Score is our latest fraud detection solution that will help all current account providers in the UK protect consumers from APP scams.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Experian Mule Score is our latest fraud detection solution that will help all current account providers in the UK protect consumers from APP scams.
This approach also means you can establish a baseline, against which customer risk can be monitored going forward.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Experian Mule Score is our latest fraud detection solution that will help all current account providers in the UK protect consumers from APP scams.
All financial institutions have a responsibility to comply with regulations to help fight financial crime. They must also put measures in place to protect themselves and achieve regulatory compliance. We have joined forces with PwC to create a set of resources for banks to assess the scale of the challenge within their portfolio and identify tailored steps to move towards event-driven KYC reviews.
Financial crime in banking is a key concern, both in the UK and globally. And the scale of the problem is getting worse. The volume of new businesses incorporated in the UK has more than doubled over the past decade, and all need to be accurately assessed and verified. We can help you keep pace.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
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.
Meet anti-money laundering & KYC compliance requirements and safeguard your customers.
Get global UBO and shareholder data, with full coverage in all 195 countries worldwide, including screening against PEPs and Sanctions lists.
Our FinCrime analytics help you audit and uncover hidden risks in your customer portfolio and prevent corruption. Conducting a rapid assessment of your KYC records and customer financial crime risks, we’ll match your KYC records against our data, check the quality of your data, and identify any discrepancies while screening customers and Ultimate Beneficial Owners (UBOs) against our watchlists.
Our fin crime analytics will help you carry out a rapid assessment of your customer records, helping you to uncover any hidden financial crime risks, leveraging external third-party data, quickly auditing the information and establishing your current risk position.
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.
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.
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.
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.
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.
Giving financial crime the red flag
Transforming financial crime prevention
How industry data sharing can help detect and prevent financial crime
AML Flags analyse two data sources, companies house and cashflow data, for patterns and trends which could indicate anomalous activities and potential financial crime.
Sanctions lists are constantly changing in response to global economic crime. Plus, with different regulatory bodies issuing sanction lists and the nature of sanctions becoming complex, it’s increasingly difficult for businesses to identify and manage the risks. To stay compliant and manage sanctions risks, you need to screen your new and existing customers and carry out global sanction checks.
Fraud and financial crime are on the rise, leading to significant losses. Frictionless fraud-checking solutions that bring together data, analytics, and technology are crucial for safeguarding your organisation.
Today, the majority of fraud solutions are designed to tackle consumer fraud and, as a result, often overlook the specific issues surrounding commercial fraud. As a result, fraudsters can capitalise on a lack of detection and prevention capabilities. This can lead to significant losses.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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.
Hunter prevents application fraud by highlighting suspicious applications, allowing you to investigate and prevent fraud without inconveniencing genuine customers.
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