UK FinTech Financial Crime Exchange sees firms working together to combat criminality

Since launch, no less than 17 of the UK’s leading financial technology (or FinTech) firms have agreed to join the UK FinTech Financial Crime Exchange (FFE). Established by FINTRAIL and the Royal United Services Institute (RUSI), the FFE enables firms to collaborate by sharing Best Practice and pooling information on financial crime typologies in order to protect their customers and strengthen their sector’s ability to detect and counter the global threat of financial crime, including money laundering, terrorist financing, bribery and corruption, tax evasion and market manipulation.

The UK FinTech sector is at the forefront of the global FinTech revolution, accounting for a total of £783 million worth of investment in 2016. This coincides with a growth in the risk of financial crime driven by the expansion of digital channels and the increasingly interconnected nature of global finance and business.

As the UK continues to lead in this area, UK FFE members are taking a proactive and robust stance against financial crime and the negative impact it can have on customers, communities and the financial services industry at large. Through collaboration, members are sharing information on typologies and leveraging advanced technology in order to deter, prevent and detect criminality.

“The FFE gives senior management a forum to share industry knowledge and gain an understanding of Best Practice specifically relating to FinTechs,” said James Nurse, head of fraud and payments at Pockit. Merlin Gore (head engineer at Bud) stated: “Our company’s core value is collaboration. Thanks to the FFE and participating members, we’ve been able to share detail with and learn from industry leaders. Ultimately, there’s no doubt that this will lead to a more secure sector.”

Ozan Ozerk, co-founder of, told Risk UK: “At, we’ve developed innovative and dynamic financial crime tools designed to keep our customers safe. The FFE’s network of FinTech industry experts provides invaluable insights, enabling us to continually improve our risk management products and mitigate fraud as well as other forms of criminal behaviour.”

Anil Stocker, CEO and co-founder of Market Invoice, observed: “FinTech businesses are using tech solutions to address today’s problems. We use Artificial Intelligence and machine learning in our day-to-day business, ensuring UK businesses receive meaningful working capital quickly which they need to grow. In this endeavour, we must also have the capabilities to tackle financial crime. We look forward to collaborating with FFE members to ensure high standards and secure the industry’s defences.”

According to Natasha Vernier of Monzo: “The FFE helps us to share knowledge and derive a better understanding of financial crime across the industry as part of our mission to build the best current account in the world.”

*Current FFE members are Bud, Curve, Facekart, Iwoca, Landbay, Loot, Market Invoice, Mobility, Monzo, Ozan, Pockit, Rate Setter, Revolut, TransferWise and Tungsten

About the Author
Brian Sims BA (Hons) Hon FSyI, Editor, Risk UK (Pro-Activ Publications) Beginning his career in professional journalism at The Builder Group in March 1992, Brian was appointed Editor of Security Management Today in November 2000 having spent eight years in engineering journalism across two titles: Building Services Journal and Light & Lighting. In 2005, Brian received the BSIA Chairman’s Award for Promoting The Security Industry and, a year later, the Skills for Security Special Award for an Outstanding Contribution to the Security Business Sector. In 2008, Brian was The Security Institute’s nomination for the Association of Security Consultants’ highly prestigious Imbert Prize and, in 2013, was a nominated finalist for the Institute's George van Schalkwyk Award. An Honorary Fellow of The Security Institute, Brian serves as a Judge for the BSIA’s Security Personnel of the Year Awards and the Securitas Good Customer Award. Between 2008 and 2014, Brian pioneered the use of digital media across the security sector, including webinars and Audio Shows. Brian’s actively involved in 50-plus security groups on LinkedIn and hosts the popular Risk UK Twitter site. Brian is a frequent speaker on the conference circuit. He has organised and chaired conference programmes for both IFSEC International and ASIS International and has been published in the national media. Brian was appointed Editor of Risk UK at Pro-Activ Publications in July 2014 and as Editor of The Paper (Pro-Activ Publications' dedicated business newspaper for security professionals) in September 2015. Brian was appointed Editor of Risk Xtra at Pro-Activ Publications in May 2018.

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