Laxman Pai, Opalesque Asia: As the UK lost GBP193bn ($252bn) to financial crime in 2017, the Personal Investment Management & Financial Advice Association (PIMFA) and Financial Crime Intelligence (FCI) have launched an intelligence-sharing platform to help combat financial crime.
PIMFA, which represents 1,000 wealth managers and financial advisers in the UK, has entered into a partnership with FCI to launch a 'ground-breaking' intelligence sharing platform to provide an effective way for firms to prevent financial crime," said a press release from PIMFA.
This platform, called PIMFA-AECIS, allows users to anonymously compare and match against each other's financial crime data. Where matches arise, firms can legally go on to share intelligence directly with each other.
According to the National Crime Agency, over 18 months to December 2017, UK lost GBP193bn ($252bn) to financial crime in 2017 with over 630,000 reports, that equates to an average of GBP3,900 ($5081) per adult with losses occurring at GBP6,000 ($7818) per second.
Chris Anderson, FCI's CEO said "the levels of financial crime are truly staggering and are growing at an exponential rate with emerging threats on the immediate horizon."
"The PIMFA-AECIS platform is a secure, effective tool for quickly identifying current, specific threats and criminal connections. By comparing and matching information, a greater body of intelligence can be created by investigators leading to improve...................... To view our full article Click here
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