The UK is considered as a trusted and low-risk jurisdiction when it comes to financial crime, making it an attractive option for criminals to conduct nefarious activities.

In order to drive out financial crime, transaction data sharing is key. In this paper, we walk through the history of transaction data sharing, and how it’s use today is helping combat money laundering.

Financial criminals transferring funds through accounts across the UK can be detected and prevented through sharing transactional data.

Certain patterns of transactions indicate a greater likelihood of criminal activity. Understanding the history, and the trends we see today in data trends, and sharing this across the industry can help push financial crime out of the UK economy.

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How did the industry start sharing transactional data?

We owe our thanks to the Tailors of the Georgian period to launching the first non-payment sharing initiatives.

What was the impact of the The Small Business Enterprise and Employment Act?

The SBEE Act (2015) called for equality for information to banks of all sizes - helping share the mission of driving out FinCrime

How do banks today continue to share data to tackle financial crime?

Do we have a deep enough understanding of criminal activity and a true cross-industry view?

What are the indicators of active financial crime?

We've identified three main indicators of possible financial crime. 

In this white paper, we cover:

  • Sharing industry transaction data to tackle financial crime.

    Why cross sector collaboration is necessary to tackle financial crime

  • Levelling the industry playing field

    How the SBEE Act helped balance inequalities of information

  • How is it used in detecting financial crime?

    Using peer group profiles based on 3 key metrics

  • A gateway to collaboration and data sharing

    Turbocharging FinCrime detection across the UK economy

A sneak peek into...

Fincrime Transactional Data Sharing

The story of sharing data to tackle financial crime starts as long ago as 1803, when a group of London tailors began swapping information on customers who failed to settle their debts.

Forums like this quickly proliferated in the United Kingdom, and one in particular became a cornerstone of Experian’s development almost 150 years later. The Society of Guardians for the Protection of Tradesmen against Swindlers, Sharpers and other Fraudulent Persons was formed in 1826 in Manchester. Its members included innkeepers, drapers, hatters and chandlers, who received a monthly circular with information on people who had failed to pay their debts. The Society decreed that, “As a mutual protection from such fraudulent characters, it is imperative upon every member to give information upon obtaining knowledge of their practices”.

The collaboration being called for in the 2020s is a direct reflection and continuation of the Society’s purpose all those years ago. Based on such thinking, helping organisations share data across the finance industry is central to everything we at Experian do today. As technology catches up with demand to meet the priorities of the future, the traditional approach of sharing centralised data as created by the Society remains essential today. As a result, we are delighted now to announce the next chapter in this story of collaboration: this is what we call ‘industry transaction data sharing’.

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Find out how transaction data sharing started, how it’s transformed the industry today, and how we have identified the 3 key indicators of potential Financial Crime.

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