NEWS
Experian and DQ Global to tackle the rise of UK financial crime
desire to reduce the risk of financial crime ( FinCrime ) is
A behind a new partnership between Experian and DQ Global as both companies launch new data-driven solution : DQ Compliance .
By combining Experian ’ s KYC ( Know Your Customer ) data with DQ Global ’ s suite of no-code FinTech products , FCA-regulated customers can now quickly access a robust view of a business , what they do and the people behind them to help rule out financial crime before working with them .
This is particularly important for small businesses going through a corporate finance application process for KYC and customer due diligence purposes . Regulated firms must identify and verify anyone they work with to ensure they don ’ t unknowingly become involved with a business or individual with a history of financial crime .
The solution also enables customers to meet anti-money laundering ( AML ) compliance obligations , as well as allowing them to carry out periodic AML checks on existing accounts .
Financial crime has risen significantly in recent years , with 2 – 5 % of global GDP estimated to be from money laundering . Fines totalling £ 10.8 billion due to FinCrime was handed out in 2020 – money laundering is estimated to cost the UK more than £ 111 billion a year .
Recognising the importance of combatting illicit financial activity , Experian and DQ Global have combined the former ’ s data utilisation and capabilities into the latter ’ s Microsoft product suite .
UiPath empowers Sumitomo Mitsui Trust Bank to improve operational efficiency
UiPath , a leading enterprise automation software company , has announced that Sumitomo Mitsui Trust Bank , Limited has deployed the UiPath Platform , resulting in savings of more than 400,000 total hours in labour-intensive tasks .
Over four years , the UiPath end-to-end automation platform has enabled the bank to successfully automate more than 250 critical business operations .
As the largest trust bank in Japan , Sumitomo Mitsui Trust Bank manages the property and investment assets of a wide base of individual and corporate clients . Given its diverse and complex business scope , the bank saw the potential in using Robotic Process Automation ( RPA ) technology to improve the efficiency of its high-mix low-volume operations . In 2018 , the bank embarked on a journey with UiPath to streamline and automate time-intensive tasks , improve risk management and enhance customer experiences .
Empowered by the UiPath platform , the bank has successfully leveraged enterprise automation across multiple workflows and business operations to support the rapidly changing and unique demands of its customers . Together , UiPath and Sumitomo Mitsui Trust Bank have enabled :
• Automation of over 250 business operations and 500 workflows with UiPath Orchestrator
• Sustainable scaling of automation with UiPath Test Suite
• Improved business process standardisation and enhanced risk management
• Swift collection of survey results
Sumitomo Mitsui Trust Bank plans to further leverage the power of automation for targeted distribution of marketing materials and proposals to customers .
6 www . intelligentfin . tech