US-based consumer credit reporting company Experian has partnered with CRM company DQ Global to launch DQ Compliance, aiming to reduce financial crime. By combining Experian’s KYC data with DQ Global's suite of no-code fintech products, FCA-regulated customers can now quickly access a 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, or sanctions. The solution also enables customers to meet AML compliance obligations, as well as allowing them to carry out periodic AML checks on existing accounts.

Impact of financial crime in the UK Financial crime has risen in recent years, with 2-5% of Global GDP estimated to be from money laundering. Fines totaling GBP 10. 8 billion due to FinCrime were handed out in 2020 and money laundering is estimated to cost the UK more than GBP 111 billion a year, according to the press release.

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. Experian’s officials said that this partnership will transform the accessibility and speed of SMEs detecting and mitigating the impacts of financial crime resulting from incomplete, inconsistent, and incorrect customer data. .