Experian launches new solution to help banks and lenders combat financial crime

New Perpetual Monitoring solution streamlines Know-Your-Customer checks, helping financial institutions reduce friction and focus on high-risk threats

Global data and technology company Experian has launched a new solution designed to help tackle the growing threat of financial crime, including money laundering, fraudulent account activity, and account misuse. 

A cornerstone of financial crime defence is the Know Your Customer (KYC) framework, which requires financial institutions to regularly verify customer information. However, these checks are resource-intensive and can divert attention from the most high-risk cases. 

„Experian’s new Financial Crime Compliance Perpetual Monitoring solution is designed to ease this challenge. It continuously monitors customer data from both internal and external sources and, rather than relying on manual periodic reviews, the solution automatically flags data changes that may indicate risk, prompting investigators to take action and review further.” – the company said. 

This approach helps financial institutions have appropriate contact with low-risk customers, streamlines operations, and improves the customer experience, while still maintaining robust compliance standards. Most importantly, it allows investigators to focus on the most complex cases.

„Experian has worked closely with a number of major banks and lenders to pilot the solution, and it is now being rolled out more widely across the banking and lending industry over the next year.” – the company explained. 

In addition, Experian collaborated with Lloyds Banking Group (LBG) to develop the industry’s first Perpetual Monitoring solution, known as Automated Portfolio Monitoring (APM). LBG have already been using the solution for some time. 

Grant MacDonald, Director of FinCrime Market Engagement, Experian UK&I, said: “At Experian, our focus is on driving value for our clients, so we are always looking at what we can create or invest in when it comes to combatting financial crime. This Perpetual Monitoring solution pioneers the use of advanced technology to help financial services prioritise resources on accounts with higher potential risk, while continuing to meet their KYC and AML obligations.

“Ultimately, our ambition is for Perpetual Monitoring to become the industry standard across the UK financial services industry, using best-in-class technology to prevent laundered money from entering and destabilising the financial system.”  

Tom Martin, Business Platform Lead at Lloyds Banking Group, said: “Our collaboration with Experian is a great example of financial institutions working together to tackle the threat of organised financial crime. APM has significantly reduced friction for our customers, streamlining touchpoints and creating a smoother, more seamless experience when we’re doing the checks we must do to protect and prevent financial crime.”