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New Initiative to Explore FinTech and Financial Crime

News, 18 January 2017
Centre for Financial Crime and Security Studies, Cyber Security, AML/CTF
RUSI’s Centre for Financial Crime and Security Studies will host the first meeting of the FinTech and Fincrime Exchange (FFE), a new initiative to promote an increased understanding of financial crime by the FinTech industry.

Organised in collaboration with FINTRAIL, a financial crime risk management company, this initiative has been conceived due to the recognition that as a rapidly growing industry, FinTech providers, much like traditional financial institutions, must ensure that their organisations are not misused for financial crime purposes. 

Technological innovation has undeniably reshaped the financial landscape, in which efficiency, customer experience and ease of use is prioritised by FinTech providers – in a sharp contrast to traditional financial institutions. Nonetheless, the key financial crime threats and vulnerabilities remain, as criminals and terrorists will seek to exploit the system for their own gain, including money laundering, terrorist financing, cybercrime, bribery and fraud, to name a few. 

Whilst there is gradually increasing awareness of these issues, there are few spaces in which relevant personnel from FinTech can engage with one another, discuss shared challenges and foster a greater level of financial crime understanding. 

This initiative seeks to fill this gap through the creation of the FFE, which will aim to meet once every two months to debate key issues as identified by its members. Its objective is to inform, debate, and develop knowledge and best practices in financial crime that both policy makers and regulators can adopt. 

For more information on this project, please contact Florence Keen, Centre for Financial Crime and Security Studies, or Rebecca Marriott, FINTRAIL.

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