PIMFA & FCI launch the PIMFA-AECIS intelligence sharing platform to help identify & prevent financial crime

  • In the UK, £193bn lost to Financial Crime in 2017 with over 630,000 reports to the National Crime Agency over 18 months to December 2017
  • Equates to an average of £3,900 per adult with losses occurring at £6,000 per second
  • The PIMFA-AECIS intelligence sharing platform launched to provide effective way for firms to prevent financial crime

In response to the evolving threat and cost of financial crime PIMFA, the UK’s leading wealth management and financial advice association and Financial Crime Intelligence Ltd have launched the ground breaking PIMFA-AECIS intelligence sharing platform.

This also follows new UK legislation in the Criminal Finances Act 2017 designed to protect regulated entities when they share information on money laundering suspicions.

Through a controlled and auditable workflow PIMFA-AECIS users can 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.

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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.”

Richard Adler, Director of Strategic Partnerships at PIMFA said:

“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”.

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