MARKETINVOICE has thrown its weight behind a new anti-financial crime initiative, signing up to the UK Fintech Financial Crime Exchange (FFE).
The project, launched on Thursday by security think-tank RUSI and financial crime risk management consultancy FINTRAIL, aims to bring together fintech companies to help them detect and counter money laundering, terrorist financing, bribery and corruption, tax evasion and market manipulation.
The UK fintech sector is a key contributor to the country’s economy, having channelled £7bn of funds to date. However, due to its interconnected nature and the expansion of the digital channels it uses, it is also exposed to magnified security risks, said MarketInvoice.
“Fintech businesses are using tech solutions to address today’s problems,” said Anil Stocker, co-founder and chief executive of the peer-to-peer invoice finance platform.
“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.”
To introduce the new association, FINTRAIL also launched a white paper proposing guidelines for fintech customers’ due diligence, an element that it said can strategically mitigate digital security threats.