“Experian’s new ‘Perpetual Monitoring’ solution aims to become the industry standard for financial crime compliance in the UK.”
Experian, the global data and technology company, has launched a new Know Your Customer (KYC) solution in the United Kingdom. The product, named Financial Crime Compliance Perpetual Monitoring, is designed to assist financial institutions in streamlining their KYC checks.
The solution works by continuously monitoring customer data from both internal and external sources. It automatically flags any changes that could indicate a potential risk, thereby reducing the need for manual periodic reviews. This allows financial institutions to focus their resources on more complex and high-risk cases.
The banking and lending industry is the target audience for this new solution. Experian has already piloted the product with several major banks and lenders. The company plans to roll out the solution across the UK financial services industry over the next year.
Grant MacDonald, director of FinCrime market engagement at Experian UK&I, stated, “Ultimately, our ambition is for Perpetual Monitoring to become the industry standard across the U.K. financial services industry, using best-in-class technology to prevent laundered money from entering and destabilizing the financial system.”1
Lloyds Banking Group has been using a version of this solution, which they call Automated Portfolio Monitoring (APM).
Topics Covered in this Article: B2B Company & Contact Data Providers (Firmographics & Technographics), Financial & Fintech Data Providers, Identity Resolution Providers
Companies and Products Mentioned in this Article: Experian: Lloyds Banking Group,Financial Crime Compliance Perpetual Monitoring,Automated Portfolio Monitoring (APM)
