FinCrime Focus: Money Laundering in the UK
In this video, Grant McDonald, Director of Financial Crime Market Engagement at Experian and Alan Brown of Aptitude discuss why UK businesses are a popular choice for financial criminals and how, through using third-party data, we can better detect and deter financial crime.
The UK is a popular choice for financial criminals to carry out their nefarious activity. Setting up a business in the UK is simple, and with little verification of information, manipulated entries can go unnoticed.
In the last three years, there has been a stark increase in the number of “suspicious” business addresses and a doubling of businesses set up with no UK-based directors.
Multi-source data corroboration can help you validate that customers present themselves consistently across various data sources. Using data sources such as the Financial Conduct Authority, charities commission, and Open Government-licensed data, companies can expect better understand who they are doing business with and have confidence in their customers.
Watch our video to find out more about multi-source data use and how Grant and Alan Brown, Chief Technology Officer at Aptitude, feel this can help transform the industry.
How can we help?
With FinCrime becoming ever more sophisticated, it’s more important than ever that you know who you’re in business with. UK banks and financial institutions are spending millions each year fighting financial crime.
There is a better way. Our approach blends the latest technology, data and insight to detect financial crime.
Read our latest blog: Why multi-sourced third-party data is key for detecting and preventing financial crime to learn more.
Get in touch
To find out more about how Experian can help you uncover financial crime risks, contact us here.â€¯Get in touch