PIMFA, a wealth management and financial advice association, has partnered with Financial Crime Intelligence (FCI) to launch an intelligence sharing platform.
The pair have launched the PIMFA-AECIS intelligence sharing platform to help identify and prevent financial crime. This follows new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on money laundering suspicions.
PIMFA-AECIS enables users to anonymously compare and match against each other’s financial crime data. Where matches arise, organisations can legally go on to share intelligence directly with each other.
Chris Anderson, FCI’s CEO said: “The levels of financial crime are truly staggering and are growing at an exponential rate with emerging threats on the immediate horizon.
“The PIMFA-AECIS platform is a secure, effective tool for quickly identifying current, specific threats and criminal connections. By comparing and matching information, a greater body of intelligence can be created by investigators leading to improved identification, prevention and prosecutions. This leads to better protection for the public and financial institutions alike.”
The partnership came about due in response to the evolving threat and cost of financial crime. PIMFA-AECIS provides users with the opportunity to create their own trusted intelligence sharing networks; a mechanism for managing investigations and drawing connections to other cases based on involved party data; and an Investigation Group mechanism for intelligence sharing exclusively at the discretion of the user.
It also helps identity protection for users until they decide to create/join an Investigation Group and provides a full auditability to enable governance and legal/regulatory compliance.
Through the platform organisations can maximise investigation and reporting efficiency thereby reducing man hours and associated costs; quickly identify repeat offenders; reduce losses, increase asset retrievals and improve prosecution rates; as well as provide targeted fraud prevention advice to vulnerable clients and repeat victims.
Richard Adler, director of strategic partnerships at PIMFA added: “The PIMFA-AECIS system is designed for reciprocal benefit and creates a level playing field for all users while ensuring auditable control of the intelligence sharing process. Being able to quickly identify repeat offenders to improve prosecution rates, reduce losses and provide targeted fraud prevention advice to vulnerable clients and repeat victims is an important step forward for our profession.”
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
