FinCrime Testing Service
What is the FinCrime Testing Service?
The FinCrime Testing Service simulates criminal and victim behaviours to test and quantify the performance of anti money laundering detection systems. Currently, it is difficult for regulated financial institutions to independently test how effective their anti money laundering detection systems are at catching real-world criminal behaviours.
The FinCrime Testing Service will become the industry standard for financial crime simulation, enabling better detection and disruption of criminal finances
Download the product guide
$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
A spotlight on Human Trafficking: How can we stem the rise in exploitation and spot many types 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.
FinCrime Threat Intelligence Reports
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Human Trafficking for Labour Exploitation - FinCrime Threat Intelligence ReportDownload ReportThis FinCrime Threat Intelligence Report aims to help financial institutions better understand the transactional profiles that could indicate a ‘Human Trafficking for Labour Exploitation’ (HTLE) risk -
County Lines Drug Trafficking - FinCrime Threat Intelligence ReportDownload the reportThis FinCrime Threat Intelligence Report aims to help financial institutions better understand the transactional behaviours that indicate a customer is involved in drug trafficking.
Banking Insights
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Banking Insights: How are cyber criminals cashing out on their crimes?Download reportTaylor Humphreys from the BAE Systems Fincrime Testing Service team looks at how cyber criminals are cashing out on their crimes.
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Banking Insights: How Fowler Oldfield laundered £1m per weekDownload reportOur Futures team looks at the FCA’s recent prosecution of NatWest, for failing to adequately monitor its customer’s accounts for signs of money laundering.
Listen to our podcast:
Human Trafficking for Labour Exploitation
In this podcast, Nicola Eschenburg, FinCrime Testing Service venture lead, discusses the scale of Human Trafficking for Labour Exploitation, the recruitment process and why financial institutions need to start paying closer attention to this growing problem.
Test your detection systems against our criminal and victim behaviours
We are looking for thought-leading institutions to test our simulations. Our data so far includes human trafficking, drug trafficking, child sexual exploitation, ransomware, transient business accounts and professional money laundering itself and we are constantly adding new typologies to our database.
Get in touch to find out more.