Regulatory DataCorp (“RDC”), the global leader in compliance screening, announced its partnership with FinTech FinCrime Exchange (FFE), a global community of FinTechs committed to collaborating on best practices in financial crime risk management.
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According to a leading source, global FinTech funding rose to $111.8 billion in 2018, up from $50.8 billion in 2017. The rapid growth and evolution of the FinTech industry requires evolving technologies and protocols for fighting financial crimes. RDC’s sponsorship alongside the FFE is a result of the two organizations’ shared commitment to the FinTech community and the belief that effectively fighting financial crime requires a cohesive and collaborative response.
“The rapid growth of FinTech companies and platforms is a testament to the ingenuity of entrepreneurs all over the world who are finding new ways to provide greater and easier access to local and global financial systems. Unfortunately, there are bad actors who are constantly looking for new ways to subvert our financial system,” said Tom Walsh, CEO of RDC. “We are proud to partner with FFE and its member companies who are committed to leveraging technology and sharing best practices to fight financial crime and protect our financial systems.”
“RDC has been an integral partner in the growth of the FFE community in the UK and we are extremely excited to extend this relationship to support the global expansion of the network. RDC has been an avid advocate of the FFE concept since its launch and this partnership demonstrates RDC’s ongoing commitment to the FinTech community globally,” said Rob Evans, Co-Founder of FINTRAIL and the FFE. “The FFE looks forward to working in partnership with RDC as we continue to ensure the FFE remains accessible and relevant for all members.”
This past month the FFE has hosted meet-ups in London and New York, bringing together over 100 financial crime professionals from leading global European FinTech companies, to discuss current financial crime trends and typologies encountered by members of the FFE community. The FFE UK welcomed Jeff Sidell, RDC’s Chief Technology Officer, to give a presentation on “Practical Machine Learning”. In his remarks, Sidell highlighted not only an applicable definition of AI and machine learning but also the pragmatic application of machine learning to more effectively identify bad actors in the financial system.
“I was excited to play a role in the event and to share my expertise with colleagues who share RDC’s goal of preventing infiltration of the global financial system,” said Jeff Sidell. “As new technologies evolve, we’re seeing FinTech companies and platforms play a larger role in our financial systems. With this evolution, it is even more imperative that all financial institutions leverage technology and best practices to remain vigilant in stamping out bad actors.”
Following the FFE West Coast launch in May, RDC and the FFE are launching FFE Asia in Singapore on June 26th. At the same time, RDC will also be opening their new Singapore office to serve their growing customer base in the region.
RDC, the Smarter ScreeningTM company prevents criminal infiltration of the world’s financial systems by delivering automated, intelligent customer screening and decision-ready intelligence. RDC supports more than 1,000 organizations and 35,000 compliance professionals across more than 100 countries in strengthening their KYC/AML, fraud and Politically Exposed Persons (PEPs) protection, ensuring sanctions and watchlist compliance, protecting their brand and reputation and managing supply chain and vendor risks. Founded by 20 of the world’s leading financial institutions, today RDC is a Vista Equity Partners portfolio company. Learn more about RDC by emailing email@example.com or visiting www.rdc.com.
The FFE was established in January 2017 by FINTRAIL and the Royal United Services Institute (RUSI). The FFE is a free community forum that brings together a global network of FinTechs to collaborate on best practices in financial crime risk management. By sharing information on criminal typologies and controls, the community helps to strengthen the sector’s ability to detect and counter the global threat of financial crime. The FFE hosts regular meet-ups in London, Amsterdam, New York, San Francisco and Singapore. Learn more about the FFE by emailing firstname.lastname@example.org or visiting www.fintrail.co.uk/ffe
FINTRAIL are consultants supporting the global FinTech community in the fight against financial crime. FINTRAIL believes that all companies, should have the opportunity to thrive, free from the threat of financial crime. The FINTRAIL team is operationally experienced in developing, deploying and running risk management controls for our clients. For FINTRAIL, this is more than a regulatory box ticking exercise, it is an opportunity to both manage exposure to financial crime while providing an outstanding experience for your customers. Learn more about the FINTRAIL by emailing email@example.com or visiting www.fintrail.co.uk.