Breaking the Remediation Cycle: A New Era in Financial Crime Prevention
In an era where financial crime is becoming increasingly sophisticated, UK banks face unprecedented challenges in preventing and detecting fraudulent activities. The volume of new businesses incorporated in the UK has more than doubled over the past decade, creating a perfect storm for money launderers and fraudsters to exploit.
A Unique Partnership to Combat Financial Crime
Experian and PwC have formed a unique partnership to help transform existing Know Your Customer (KYC) approaches from cumbersome manual checks into slick, automated operations. This innovative solution combines Experian’s data expertise with PwC’s industry and regulatory experience to provide market-leading practices in financial crime prevention.
Targeting Challenger Banks
According to the Financial Conduct Authority (FCA), challenger banks are a significant target for money launderers due to their quick and easy commercial account opening processes. Our KYC API allows for rapid onboarding and an excellent customer experience, without compromising KYC checks and financial compliance.
Identifying Crime Quickly
Our automated approach can readily assess customer risk and spot financial crime in a fraction of the time taken by traditional KYC approaches. This means that financial institutions can continuously monitor risk more easily going forward, reducing the likelihood of costly fines and reputational damage.
Increasing Efficiency and Reducing Expenditure
By reducing manual checks by up to 75%, our event-based system allows for focused attention on high-risk cases, improving efficiency and reducing operational expenditure. This means that financial institutions can allocate resources more effectively, rather than wasting time and money on low-priority tasks.
Financial Crime Analytics: A Game-Changer in Prevention
Our FinCrime analytics solution helps financial institutions audit and uncover hidden risks in their customer portfolio and prevent corruption. By conducting a rapid assessment of KYC records and customer financial crime risks, we can identify anomalies and discrepancies, providing a comprehensive view of exposure to high-risk jurisdictions, sectors, entities, and ownership risks.
Screening and Watchlists: Staying Compliant
Sanctions lists are constantly changing in response to global economic crime. Our screening solution ensures that financial institutions stay compliant with sanctions regulations by identifying and managing risks associated with new and existing customers.
Fraud: A Growing Concern
Fraud and financial crime are on the rise, leading to significant losses for businesses. Our frictionless fraud-checking solutions bring together data, analytics, and technology to safeguard organisations from commercial fraud, preventing and detecting fraudulent activities, authenticating business owners, and eliminating friction during onboarding.
In an era where financial crime is becoming increasingly sophisticated, it’s essential for financial institutions to stay ahead of the game by adopting innovative solutions that combine data expertise with industry experience. By breaking the remediation cycle, Experian and PwC are helping UK banks prevent financial crime, increase efficiency, and reduce expenditure.