Improving the efficiency of AML compliance

UK banks and financially regulated institutions are spending hundreds of millions of pounds every year fighting financial crime, yet the problem keeps growing. The volume of new businesses incorporated in the UK has more than doubled in the last decade, and many display the characteristics of potential money-launderers. With financial criminals becoming ever-more sophisticated, how can compliance teams keep pace? This whitepaper, produced by DQ Global in partnership with Experian, explains how third-party data and analytics can transform cumbersome manual checks into a slick, automated operation.

Balancing Rapid Onboarding with Effective KYC

Institutions focused on rapid onboarding face a constant tension between exemplary customer experience and robust Know Your Customer (KYC) checks. The paper shows how cross-referencing customer details with third-party sources lets you verify information without burdening the customer, assess risk in a fraction of the time taken by traditional KYC approaches, and set a baseline for continuous, automated, event-driven reviews of customer risk.

Why Multi-Sourced Data Corroboration Matters

Companies House gathers vast amounts of information but does not verify its legitimacy, leaving it vulnerable to abuse by criminals who corroborate false information with false information. The whitepaper explains how Experian's aggregated data sources go further, confirming that:

• The business exists and its trading locations are genuinely associated with it
• Its principal activities align with what the customer has disclosed
• It is not exposed to any high-risk jurisdictions

It also covers Experian's proprietary algorithm for identifying the Ultimate Beneficial Owner (UBO) of any organisation, built from every document filed at Companies House, and how ingested Person of Significant Control (PSC) data helps you fulfil your regulatory duty of reporting ownership discrepancies.

No-Code FinCrime Checks in Dynamics 365 and Excel

Until now, access to Experian's FinCrime data was only available through APIs, meaning expensive implementation and dependency on IT departments. DQ Compliance surfaces 40 million records from Experian's 20 data sets directly within Microsoft Dynamics 365 or Excel, installing in under 30 minutes with no code required. A simple pay-as-you-go model means you only pay for the data you use, making it scalable for institutions of any size.

This whitepaper is essential reading for compliance, onboarding and data teams at banks and financially regulated institutions who want to identify, assess and mitigate financial crime more efficiently, without costly and time-consuming implementation projects.