US FinTech FinCrime Exchange expands to West Coast

FINTRAIL Solutions, a financial crime consultancy, has announced the launch of FinTech FinCrime (FFE) West Coast. The open forum allows for a global network of fintechs to collaborate on best practices in financial crime risk management.

Knowledge sharing can be an incredibly beneficial endeavor, provided you can find enough companies that trust each other and don’t think they’re giving away any sensitive information. In the case of the FFE, fintech companies come together to share information on criminal typologies and controls. The mutual pooling of information enhances the member firms’ ability to detect and counter financial crime, including money laundering, bribery, corruption, tax evasion, and terrorist financing. Companies also share case studies and related experiences.

The first FFE group was created in the UK in 2017 by Royal United Services Institute and compliance consultancy FINTRAIL LTD., the parent company of FINTRAIL Solutions. Headquartered in New York, FINTRAIL Solutions helps fintech clients build anti-financial crime controls, audit and assure their anti-financial crime infrastructure, and supports them in the event of a regulatory breach or internal financial crime.

After finding success in the UK, the free members forum expanded to the US East Coast in November 2018. Today, the FFE has a global network of over 90 fintechs, and produces quarterly white papers on financial crime topics.

Now, FINTRAIL Solutions has launched a new FFE chapter on the West Coast. The expansion is a natural one, as San Francisco and the surrounding area is a hotbed for fintech and regtech firms.

The first meeting of the West Coast chapter took place on May 8 in San Francisco, with numerous organizations sharing insights into best practices on fighting financial crimes. Speakers included executives from FINTRAIL Solutions, Mobile Coin, and the FBI.

“After the success of the FFE in Europe and New York, we are pleased to welcome West Coast-based members to our community,” Julie Myers Wood, FINTRAIL Solutions Co-Founder and Guidepost Solutions CEO, said. “The global nature of the threats that we all face only serves to highlight the need for a network such as the FFE, where members can share their unique crime prevention experiences and perspectives.”

Robert Evans, FINTRAIL Solutions co-founder and FINTRAIL LTD. co-founder, added, “We are delighted to launch a new chapter that will provide a place for professionals to meet and share important insights relevant to both members and stakeholders in law enforcement, the government, and the financial services sector.”

Related: Software firm NICE Actimize launches financial crime consulting practice