Gambling company William Hill was served with a record fine of £19.2 million for failing to protect consumers and weak anti-money laundering controls.

As the deadline for the Consumer Duty rapidly approaches, the Financial Conduct Authority (FCA) urges financial service providers to proactively prepare and meet the upcoming requirements.

85% agree that AML is a high-risk area within their organisation business risk assessment.

The company was founded by Alexis Rog, former investor at SoftBank Vision Fund; Stephen Simmons, who previously headed Data and Analytics Engineering at JP Morgan Equities’ business; Alastair Bulger, former Head of Proposition at Experian; and Harry Singh, former founder of its open banking consultancy.

There’s an ever-increasing number of data sources and APIs available to help financial service providers embed innovation into their existing processes.

As we have previously discussed, the key to turning your formal compliance and risk assessments into a competitive advantage is your customer data: the data you have, the way you use it, and the value you can therefore extract from it.