Global data and technology company Experian has launched a new solution to help banks and lenders combat financial crime such as money laundering, fraudulent account activity, and account misuse.

The Financial Crime Compliance Perpetual Monitoring solution supports Know Your Customer (KYC) checks, which require institutions to verify customer information on a regular basis.

These checks are often resource-intensive and can draw attention away from higher-risk cases.

Instead of relying on manual reviews, the system continuously monitors customer data from internal and external sources and flags changes that could indicate potential risk, prompting investigators to take further action.

The approach reduces repeated checks for low-risk customers, helps institutions maintain compliance standards, and streamlines operations while improving the customer experience.

Experian said it has already piloted the solution with several major banks and lenders and plans to roll it out more widely over the next year.

The company developed the system with Lloyds Banking Group, where it has been deployed as Automated Portfolio Monitoring and is already in use.

Grant MacDonald, Director of FinCrime Market Engagement, Experian UK&I, said,

“At Experian, our focus is on driving value for our clients, so we are always looking at what we can create or invest in when it comes to combatting financial crime. This Perpetual Monitoring solution pioneers the use of advanced technology to help financial services prioritise resources on accounts with higher potential risk, while continuing to meet their KYC and AML obligations.

Ultimately, our ambition is for Perpetual Monitoring to become the industry standard across the UK financial services industry, using best-in-class technology to prevent laundered money from entering and destabilising the financial system.”

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