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Preventing Financial Crime Vector

Working together to tackle fraud and financial crime

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Working together to tackle fraud and financial crime

Published: May 31, 2023

Financial crime is a growing concern for everyone.

According to UK Finance, the banking industry spends billions of pounds each year fighting financial crime. Fraud alone accounts for over 40 per cent of crimes committed in England and Wales.

At Unity Trust Bank, we’re committed to fighting and preventing financial crime. To assist us with this, from time to time we ask our customers to update and validate the information that we hold about them.

Having a full understanding of what their organisation does, where it operates, who its customers are and who has control of it, plays a key part in our ability to deter and detect fraudulent activity and prevent crimes such as money laundering, sanctions’ breaches and tax evasion.

Ensuring we have the most up to date information and documentation from our customers also allows us to fulfil our UK regulatory obligations. These are required in The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Customer Due Diligence (CDD), as part of the ongoing Know Your Customer (KYC) process, is pivotal to help protect customers and society.

Help us to help you

Financial crime can affect everyone, and criminals are constantly developing more sophisticated ways of targeting businesses.

To enable organisations to continue banking safely and securely with Unity, and to protect the financial system, our customers’ support is very important.

If there have been changes to an organisation – such as a new name, a different registered address or removing or adding directors or trustees – it’s easy for customers to inform us and update their details straight from their account.  Simply follow this link: Your Account | Update Unity Trust Bank Details

As part of the KYC process, we may also contact customers to arrange an appointment to complete a review of their organisation. This will typically involve confirming information that we hold on our system, information that has been obtained through public sources, and discussing any new information that customers provide.

How the NCSC’s Cyber Security Board Toolkit can help

The threat of cyber-attacks is ever-present, and companies of all sizes must protect themselves against potential damage.

The National Cyber Security Centre (NSCS) has developed the NCSC Cyber Security Board Toolkit to provide guidance and practical tools for boards and senior executives to understand their organisation’s cybersecurity risks.

The NCSC Cyber Security Board Toolkit is organised into nine domains, each representing a key area:

1.     Governance: effective governance structures, including roles and responsibilities of senior executives

2.     Risk Management Regime: how to assess risks, establish risk management policies, and implement appropriate controls and measures

3.     Cyber Resilience: building a company’s resilience to withstand and recover from cyber attacks

4.     Cybersecurity Culture: building a strong cybersecurity culture throughout an organisation including training and awareness initiatives

5.     Information Security: protecting the confidentiality, integrity and availability of information assets

6.     Supplier Risk Management: how to manage cybersecurity risks associated with third-party suppliers, such as due-diligence and contract management.

7.     Cyber Incident Management: develop effective incident response plans, including identification, containment, and recovery

8.     Physical Security & Environmental Controls: security measures to protect against physical threats to IT assets and infrastructure.

9.     Personnel Security: ensuring personnel are properly screened, trained, and managed to minimise the risk of insider threats and human error.

Overall, the NCSC Cyber Security Board Toolkit is an essential resource for companies looking to improve their cybersecurity posture and protect themselves against cyber threats.

SMEs can also refer to the NCSC Cyber Action Plan and Cyber Security Checks.

For more information on how to protect your business against fraud, visit our Customer Hub: