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COMBATING FINANCIAL CRIME: MARKETINVOICE JOINS FORCES WITH RUSI AND FINTRAIL

COMBATING FINANCIAL CRIME: MARKETINVOICE JOINS FORCES WITH RUSI AND FINTRAIL

MarketInvoice, the world’s largest peer-to-peer online invoice finance marketplace, has joined the UK FinTech Financial Crime Exchange (FFE), a joint initiative by think tank RUSI and risk consultancy FINTRAIL, launched today.

 The FFE will promote an increased understanding of financial crime ises faced by the FinTech industry, ensuring that their organisations are not misused for financial crime purposes.

 The FFE brings together FinTech firms who have agreed to collaborate, by sharing best practice and pooling information on financial crime typologies to protect their customers and strengthen their sector’s ability to detect and counter the global threat of financial crime, including money laundering, terrorist financing, bribery and corruption, tax evasion and market manipulation.

 The UK FinTech sector is at the forefront of the global FinTech revolution, contributing £7b to the UK economy. This coincides with a growth in the risk of financial crime driven by the expansion of digital channels and the increasingly interconnected nature of global finance and business.

 As the UK continues to lead the global FinTech revolution, UK FFE members are taking a proactive and robust stance against financial crime and the negative impact it can have on customers, communities and the financial services industry. Through collaboration members are sharing information on typologies and leveraging advanced technology to deter, prevent and detect criminality.

Anil Stocker, CEO and co-founder, MarketInvoice commented: “Fintech businesses are using tech solutions to address today’s problems. We use AI and Machine Learning in our day-to-day business, ensuring UK businesses receive meaningful working capital quickly which they need to grow. In this endeavour, we must also have the capabilities to tackle financial crime. We look forward to collaborating with FFE members to ensure high standards and to secure the industry’s defences.”

 In marking the launch of the FFE, a white paper was launched – Best Practice In Customer Due Diligence Among FinTech which focusses on Customer Due Diligence; showcasing some of the risks and solutions to mitigate threats.

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