Experian Partners with DQ Global to Help Tackle the Rise of UK Financial Crime

Security
02.08.2022 11:00 am

A desire to reduce the risk of financial crime (FinCrime) is behind an exciting new partnership between Experian and, leading CRM data quality experts, DQ Global, as they launch a new data-driven solution, DQ Compliance.

By combining Experian’s KYC (or 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 incredible data utilisation and capabilities into the latter's innovative Microsoft product suite.

Grant MacDonald, Director of FinCrime Market Engagement at Experian, said: “This is incredibly exciting and will transform the accessibility and speed of SMEs detecting and mitigating the impacts of financial crime resulting from incomplete, inconsistent, and incorrect customer data.”

Martin Doyle, CEO and founder of DQ Global, added: "We are excited to tackle the rise in financial crime through our combined forces with Experian and look forward to using our new DQ Compliance solution to help clients reduce costs and FinCrime risks.”