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Global data and technology leader Experian has launched an innovative solution aimed at tackling the escalating threat of financial crime such as money laundering and account misuse. Known as the Financial Crime Compliance Perpetual Monitoring solution, this development promises to revolutionise the way financial institutions monitor customer activities.
One of the fundamental defences against financial crime is the Know Your Customer (KYC) framework, which mandates periodic verification of customer information by financial institutions. While crucial, these checks can be laborious, often diverting resources from addressing high-risk cases. Addressing this challenge, Experian's new solution continuously monitors customer data both from internal and external sources.
The solution stands out by automatically identifying data changes that could indicate potential risks, prompting investigators to act quickly and focus their efforts on complex cases. This automation not only streamlines operations but also enhances compliance without compromising customer experience.
Following a successful pilot with major banks and lenders, Experian is set to roll out this solution more widely across the industry in the coming year. Their collaboration with Lloyds Banking Group (LBG) has already borne fruit, with LBG utilising the Automated Portfolio Monitoring (APM) solution at scale.
Grant MacDonald, Director of FinCrime Market Engagement at Experian UK&I, emphasised their commitment to innovation in combating financial crime. He noted the strategic importance of prioritising resources towards accounts with higher potential risks while maintaining KYC and AML obligations.
Ultimately, Experian's ambition is for Perpetual Monitoring to become the industry benchmark within UK financial services. Through collaboration and cutting-edge technology, the industry is making strides toward a robust defence against financial threats.
Meanwhile, Tom Martin, Business Platform Lead at Lloyds Banking Group, commended the partnership with Experian, highlighting how APM has significantly reduced customer friction and streamlined interactions during essential checks to prevent financial crime.
