A desire to reduce the risk of financial crime (FinCrime) is behind a new partnership between Experian and, leading CRM data quality experts, DQ Global, as they launch new data-driven solution, DQ Compliance.
By combining Experian’s KYC (Know Your Customer) data with DQ Global’s suite of no-code FinTech products, FCA-regulated customers can now quickly access a robust view of a business, what they do and the people behind them to help rule out financial crime before working with them.
This is particularly important for small businesses going through a corporate finance application process for KYC and customer due diligence purposes. Regulated firms must identify and verify anyone they work with, to ensure they don’t unknowingly become involved with a business or individual with a history of financial crime, or sanctions.
The solution also enables customers to meet anti-money laundering (AML) compliance obligations, as well as allowing them to carry out periodic AML checks on existing accounts.
Financial crime has risen significantly in recent years, with 2-5% of Global GDP estimated to be from money laundering. Fines totalling £10.8 billion due to FinCrime were handed out in 2020 and money laundering is estimated to cost the UK more than £111 billion a year.
Recognising the importance of combatting illicit financial activity, Experian and DQ Global have combined the former’s data utilisation and capabilities into the latter’s Microsoft product suite.
