UK FinTech Working Together to Combat Financial Crime

In January 2017 FINTRAIL (www.fintrail.co.uk) and the Royal United Services Institute (RUSI) (www.rusi.org) launched the UK FinTech Financial Crime Exchange (FFE). The FFE brings together 17 of the UK’s leading Financial Technology (FinTech) firms who have agreed to collaborate, by sharing best practice and pooling information on financial crime typologies in order 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, accounting for a total of £783m investment in 2016. 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.



“The FFE gives senior management a forum to share industry knowledge, and gain an understanding of best practices specifically relating to Fintechs.”

James Nurse – Head of Fraud and Payments, Pockit

“Our company's core value is collaboration. Thanks to the FFE and participating members, we have been able to share and learn from industry leaders. This, ultimately, will lead to a more secure sector.”

Merlin Gore – Head Engineer, Bud

“At Ozan.com, we’ve developed innovative and dynamic financial crime tools to keep our customers safe. The FFE’s network of fintech industry experts provides insights enabling us to continually improve our risk management products to continually mitigate fraud and other criminal behaviour.”

Ozan Ozerk – Co-Founder, Ozan.com

“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.”

Anil Stocker, CEO and co-founder, Marketinvoice

“The FFE helps Monzo share knowledge and get a better understanding of financial crime across the industry as part of our mission to build the best current account in the world”

Natasha Vernier, Monzo

“As an online mortgage lending and investment platform we deal with customer finances and data every day, so security is at the heart of our online systems and processes. Forums like the FFE are invaluable to ensure that as an industry we share our experiences and solutions in the rapidly evolving fintech space so that together, we can keep our customers safe.”

Julian Cork, Chief Operating Officer, Landbay

For any enquiries on the FFE please contact Rebecca.marriott@fintrail.co.uk