The latest FCA call for input on synthetic data [1] in 2022 provides an opportunity for academics, startups, RegTechs, FinTechs and technology firms to share their views on the adoption and opportunities of using synthetic data within financial services. In simple words, synthetic data is data generated by a computer (or human) as an alternative to data collected after measuring or observing a process (such as the financial system). This call for input forms a crucial bridge between the regulator and the financial services industry and encourages further innovation. FinCrime Dynamics will also ..read more

FinCrime Dynamics is pleased to announce that Nick Cook, former Director of Innovation at the Financial Conduct Authority (FCA), has joined our advisory board. “We are thrilled that Nick Cook has joined the FinCrime Dynamics team and wants to help us fight financial crime,” said FinCrime Dynamics CEO Stephen Quick. “Nick has a truly unique understanding of new RegTech opportunities and it is exciting that he has chosen to work with us.” “Financial institutions, law enforcement and regulators are all exploring how to develop better detection and intervention systems.  Synthetic data, simu ..read more

In FinCrime Dynamics’s recent blog entry “FCA financial crime findings highlight the need for better controls”, you may have read the interesting statistics comparing the number of internal unusual activity reports and externally reported SARs (suspicious activity reports). Employing some rudimentary arithmetical skills, you may have concluded that typically UK reporting firms enjoy a 2:1 ratio of internal to external SARs. So for every two suspicions escalated internally to the MLRO, the MLRO - after investigation - decides that one is genuinely suspicious enough to report to law enforcement ..read more

We are excited to announce that EalaX Ltd has rebranded to FinCrime Dynamics Ltd. The rebranding marks an important stage in our company’s journey following the recent development of our product Synthetizor® and one of the first strategic actions of the newly appointed CEO Stephen Quick. “Make the global financial system safer” — company vision of FinCrime Dynamics We are proud to align our new brand with our company vision “to make the financial system safer”. Financial crime is evolving at a frighteningly fast pace with an advanced level of sophistication. Dynamic solutions are now required ..read more

Team FinCrime Dynamics competed in the Global Open Finance Challenge among 126 other companies with new ideas in how to use the power of synthetic data for enhancing the experience of the bank’s customers related to financial fraud. The team was led by Dr. Edgar Lopez-Rojas (CTO & co-founder) and Daniel Turner-Szymkiewicz (CPO & co-founder). Four leading banks from Canada, Brazil, Australia and the UK – CIBC, Itaú, NAB and NatWest - are collaborating to deliver the Open Finance Challenge that will contribute to an open finance ecosystem that is expected to transform the financial indus ..read more

FinCrime Dynamics is pleased to announce that Stephen Quick has been appointed as new CEO of the company. Stephen Quick succeeds FinCrime Dynamics Founder Dr Edgar Lopez-Rojas, who will move into the new CTO role. Stephen Quick joins FinCrime Dynamics after a distinguished 10 year career in financial services. Along with a successful stint in investment management Stephen went on to specialise in strategy, product and digital transformation initiatives. “We are excited that Stephen Quick has chosen to join FinCrime Dynamics”, said Dr Edgar Lopez-Rojas. “Stephen brings a different dynamic to th ..read more

“Ensuring the firms we regulate are effective in preventing financial crime through sound controls is a key priority for the FCA” — FCA (October 2021) On 7th October the FCA published findings from its 2017-2020 financial crime data returns. It is now a legal requirement for certain financial institutions to submit these returns annually and 2,300 firms made submissions in 2019-20. Some of the many interesting outputs from the respondent firms’ submissions included that there are now 390,000 high-risk customers in retail banking who have increased exposure and vulnerability to being used for m ..read more

The ‘Dear CEO letter’ from the FCA in May 2021 demands actions by retail banks in response to systematic control failings identified in Anti-Money Laundering (AML) frameworks. The FCA asks retail banks to conduct a gap analysis by 17 September 2021 into 5 common weaknesses, including the transaction monitoring process, and take reasonable steps to close any gaps identified.  With respect to transaction monitoring, the FCA states that some firms’ transaction monitoring systems (TMS) are based on arbitrary thresholds, often using ‘off-the-shelf’ calibration provided by the vendor without du ..read more

FinCrime Dynamics’s scientific paper ‘’An approach to benchmark fraud detection algorithms in the COVID-19 era’’ has been published in the Latin American Journal of Economics and Digital Society. This paper was a partial result of the innovation projects CP-Mark and FraudSim, sponsored by Innovate UK. This paper explores the consequences of the covid-19 pandemic on financial crime control systems and their inability to keep up with the increase in crime and digital consumerism. In this study we focus on the particular case of Mexico and analyze how benchmarking in the control of financial cri ..read more

FinCrime Dynamics (formerly EalaX) CEO and Founder Dr Edgar Lopez-Rojas recently joined host Paul Starrett from PrivacyLabs for a deep dive discussion on the world of data and privacy. The pair explore how the lack of data due to privacy constraints has made the fight against financial crime much more difficult and ask if synthetic data is now the silver bullet for us to fight back?  Please find a podcast of the discussion below: The Promise of Synthetic Data with Edgar Lopez, PhD Paul Starrett, Founder of PrivacyLabs, brings a philosophy of focusing on a holistic path to your trusted d ..read more