BAE Systems
The FinCrime Testing Service will become the industry standard for financial crime simulation, enabling better detection and disruption of criminal finances
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$12 billion
is spent globally by banks each year on financial crime compliance
1 - 2%
of suspicious activity identified is likely to be of immediate value to Law Enforcement Agencies
75%
of financial crime compliance professionals don’t currently have an efficient way to test the effectiveness of their detection systems
We are seeking to transform how banks test the effectiveness of their detection systems
We are re-thinking detection effectiveness, by helping you answer the question... 'how good is my organisation at detecting real world criminal behaviours?'. By using simulation, we can test and quantify your anti money laundering detection systems to help you understand which criminal behaviours you are detecting and those that are being missed.
The regulatory direction is moving towards the identification of specific predicate offences to money laundering. By understanding those predicate offences in more detail, and simulating those behaviours, we are pioneering a new measure of anti money laundering detection effectiveness.
“If anyone is thinking about using data testing services for financial crime purposes, this is the way to go. I don't think anyone else is trying to tackle the problem of poor detection in this way. Really innovative and a great idea… and I stand by every single word!!”
Francisco Mainez, Head of Business Financial Crime Risk Data and Analytics, Retail Banking at HSBC
How can we stem the rise in human trafficking and spot criminal activity, while reducing the burden on financial organisations?
Modern slavery and human trafficking is a global issue, generating estimated profits of $150 billion for traffickers globally. Financial institutions have a key role to play in detecting the financial flows associated with human trafficking, but it’s hard for them to understand the risk indicators in enough detail to distinguish criminal activity from non-criminal activity.
The FinCrime Testing Service simulates the behaviours of criminals and victims - including those associated with human trafficking - and uses that synthetic data to provide regulated financial institutions with an independent test of their Anti Money Laundering detection systems.
Complimentary Report: Human Trafficking for Labour Exploitation
The report focusses on one modus operandi of HTLE whereby a sophisticated Organised Criminal Group traffics victims from abroad, puts them into legitimate work and controls the bank accounts where they are paid, which then act as financial funnels to the perpetrators.
This type of trafficking can take place at a massive scale, happen right before our eyes and take place in industries we all benefit directly from, like the food supply chain.
Listen to our podcast
Tackling modern slavery, testing AML defences
Harriet Shaw of the Futures team talks to our host, Ben Tudor, about how banks can check whether their defences against money laundering actually work - and, in the process identify and assist individual victims of crime.
Test your detection systems with our human trafficking simulation
We are looking for thought-leading institutions to test our human trafficking simulations.
Get in touch to find out more.
"The effectiveness of anti money laundering detection needs to be re-defined as 'how much crime is being detected' and we need metrics to measure this. To better detect the financial flows associated with criminal behaviours, we need to understand these behaviours in a more nuanced way, and make that knowledge actionable by financial institutions. Simulation can plug that gap and will allow us to quantify how good detection systems are at catching criminal activity."
Harriet Shaw, Venture Lead, BAE Systems Futures Team.