The Personal Investment Management and Financial Advice Association has launched a new intelligence sharing initiative in a bid to combat financial crime.
The trade body, which represents both financial advisers and wealth managers after the merger of Apfa and the WMA last year, has partnered with private company Financial Crime Intelligence Ltd to set up a platform allowing users to share financial crime data anonymously.
Where money laundering suspicions arise, firms and organisations can then share the intelligence directly with each other.
FCI chief executive Chris Anderson says: “By comparing and matching information, a greater body of intelligence can be created by investigators leading to improved identification, prevention and prosecutions. This leads to better protection for the public and financial institutions alike.”
Pimfa estimates that financial crime cost the UK economy £193bn in 2017 – an average of £3,900 per adult.
Pimfa strategic partnerships director Richard Adler says: “Being able to quickly identify repeat offenders to improve prosecution rates, reduce losses and provide targeted fraud prevention advice to vulnerable clients and repeat victims is an important step forward for our profession”.