7000 referrals of potential human trafficking victims made in UK to National Referral Mechanism last year. 80% rise since 2016.
But 75% of financial crime compliance professionals admit they already spend too much time and money testing systems for criminal behaviours.
So how can we stem the rise in human trafficking and spot other criminal activity, while reducing the burden on financial organisations?
We believe that one way to shift the balance on the rising tide of human trafficking and other criminal behaviour is to help enable financial institutions to better comply, and better detect the risk indicators, while reducing time spent on testing detection systems.
“More efficient testing procedures will allow the industry to more effectively meet regulatory obligations and spot the signs of criminal activity”
The FinCrime Testing Service simulates financial crime typologies – 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.
“The use of synthetic data in this way is a new way of thinking, making the FinCrime Testing Service a truly innovative and disruptive approach to testing AML systems”.
Currently, regulated financial institutions struggle to independently test how their anti-money laundering detection rules perform against real-world criminal behaviours. The FinCrime Testing Service aims to solve this issue by becoming the industry standard for financial crime simulation, driving a step change in the detection and disruption of criminal activity.
Join the Prototyping Programme
We are simulating a database of synthetic data that is representative of financial crime that allows financial institutions to conduct an independent test of their AML detection systems.
We are looking for experiment partners to conduct the first technical experiments and learn more about the true value that our simulated data can provide.
- Modern slavery and human trafficking is estimated to be a $150 billion industry across the globe.
- The regulatory direction is moving towards the identification of specific predicate offences to money laundering.
- As shown by the Canadian initiative Project Protect, increasing knowledge and awareness of the risk indicators associated with human trafficking can enable better suspicious activity reporting.
Modern slavery and human trafficking is a global issue. But there are steps the industry can take to help – an easier path to regulatory compliance, combined with the ability to better detect risk indicators, in shorter timeframes, will shift the balance. The FinCrime Testing Service simulates financial crime typologies and uses that synthetic data to provide regulated financial institutions with an independent test of their anti-money laundering detection. We hope that you, like us, are excited about this proof of concept. Please get in touch to discuss how to be part of our experiments.
Harriet Shaw, Venture Lead, BAE Systems Futures Team.