Addressing Financial Crime

Financial crime is no longer just a back-office issue, it’s a frontline threat to trust, security, and resilience across the financial system. With scams growing more sophisticated and regulation constantly evolving, simply reacting isn’t enough. The sector needs to outthink and outpace criminal innovation.

Produced through the Financial Regulation Innovation Lab (FRIL) led by FinTech Scotland, the University of Strathclyde, and the University of Glasgow, this report looks into how the UK financial services industry is embracing innovation to meet the challenge head-on.

Rather than listing problems, the focus is on real-world progress:

• Fintechs using AI and privacy-first data sharing to spot fraud faster.
• Financial institutions embedding intentional “friction” into digital journeys to protect vulnerable consumers.
• Regulators promoting sandbox collaboration and cross-sector signal sharing to shift from reactive controls to intelligent, joined-up defences.

What makes this report stand out is the ecosystem it brings together:
15 fintech innovators, banks, telcos, regulators, and academic partners all contributing to one goal: disrupt financial crime before it happens.