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ICC UK Introduces Initiative To Cope Duplicate Finance Fraud

Recently, the ICC United Kingdom has reported launching a new drive to enhance the UK finance industry against the adverse effects of duplicate financing fraud.

The Centre for Digital Trade and Innovation (C4DTI)operated initiative will use ICC United Kingdom’s convening abilities to convey this leading project under the C4DTI’s “Shutting Fraudsters out of Trade” workstream in association with MonetaGo.

Duplicate Financing is defined as a fraudulent act where fraudsters avail multiple funds for the same transaction several times. In the present scenario, a fraudster can visit various banks and get the same transaction financed, without letting the other banks know or having them cross-check with the same.

Guidelines related to confidentiality inhibit the banks from disclosing or sharing information on deals they have financed with other banks, creating a hopeless situation that fraudsters take advantage of to get funds for the same transaction multiple times.

It is a fraudulent activity that is difficult to identify through existing siloed AI and KYC tools and calls for an advanced, active, and collaborative approach to cope with the situation. Duplicate financing has therefore drawn billions of dollars by availing financial services globally.

By the end of 2023, UK banks will be able to ensure that no transaction has been financed multiple times by an individual in the banking community. Although a few details will not be revealed, the majority of trade banks in the UK have consented to participate in the project, with more banks expected to join in due course.

This will mark the UK as the first G7 economy to address the issue, preventing hundreds of millions of pounds from going into lost funding that can be significantly used further for financing genuine trade transactions. Remarking on the global trade finance gap of $1.7 trillion, it is critical to keep track of every single penny being invested in a legitimate business.

Chris Southworth, secretary general of ICC United Kingdom stated, “Technological advancements in finance will turn the table over the next five years, with the UK handling the leading operations in MLETR regulatory changes. This will open the door for much-required innovation which will transform finance.”

“ Not all developments expect a long time to witness value, and curbing duplicate financing fraud, in association with MonetaGo, is a great example of an existing initiative that will provide significant solutions in the long run.”

ICC United Kingdom is well-established to help gear up the elimination of duplicate financing fraud, with an agenda that every funded amount can be efficiently utilized in the business growth legitimately by the end of 2023. 

To curb duplicate financing fraud, ICC United Kingdom has collaborated with financial technology provider MonetaGo. The company's administration has been live since 2018, processing millions of transactions in Asia and effectively preventing duplicate financing in discounting receivables and invoice finance.

The service is accessible on SWIFT’s new API Gateway service offerings, empowering its 11,000+ member financial institutions to access the MonetaGo service. Developed from the ground up on international standards, this fraud elimination utility interfaces with a wide array of financial platforms.





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