LexisNexis Risk Solutions Financial Crime Digital Intelligence Solution Named Anti-Money Laundering Product of the Year by Risk.net

Rhea-AI Summary

LexisNexis Risk Solutions announced its Financial Crime Digital Intelligence solution has been awarded the Anti-Money Laundering Product of the Year at the 2022 Risk Technology Awards. This solution addresses digital evasion of sanctions, utilizing the Digital Identity Network to detect potential evasions in real-time. The award highlights its comprehensive capabilities amidst regulatory scrutiny following increased VPN usage in Russia, with a reported 250% rise in high-risk transactions.

Positive

• Awarded Anti-Money Laundering Product of the Year, enhancing market reputation.
• Utilizes the Digital Identity Network to improve detection of financial crimes.
• Addresses regulatory compliance needs effectively, responding to increased sanctions evasion.

Negative

• None.

ATLANTA, Aug. 17, 2022 /PRNewswire/ -- LexisNexis^® Risk Solutions announced that its Financial Crime Digital Intelligence solution won Anti-Money Laundering Product of the Year at the 2022 Risk Technology Awards. The Risk Technology Awards recognize vendors that excel in helping the industry meet its various challenges in the fields of anti-money laundering, credit, operational risk and wider enterprise risk management. The judging panel consists of both technology users and editors of Risk.net.

LexisNexis^® Financial Crime Digital Intelligence is a game-changing solution for digital financial crime compliance, created as an answer to one of the industry's most pressing unsolved problems: digital evasion of sanctions. With Financial Crime Digital Intelligence, users can better detect potential digital sanctions evasions in real time – even when an entity may be attempting to obscure its true location – because of the power of the LexisNexis^® Digital Identity Network^®, a crowd-sourced digital identity intelligence network that collects up to 10 location signals from every transaction that occurs across the network.

"This is a very important digital sanctions evasion intelligence tool, which has met with success and can only be more useful going forward," remarked the Risk.net judging panel. "Financial Crime Digital Intelligence is comprehensive and clearly tailored to these new sanctions environment and long-term data retention is a clear advantage as this is an area of focus by regulators."

"It is an honor to receive recognition from Risk.net for our work in the anti-money laundering space. We knew there was a better way to find the balance between preventing fraud and elevating the customer experience by combining traditional identity intelligence with shared digital identity intelligence – and that we are uniquely positioned to provide that solution," said Leslie Bailey, vice president, financial crime compliance, LexisNexis Risk Solutions.

Since Russian sanctions were put into effect in February 2022, demand for VPNs in Russia increased. The Digital Identity Network® recorded a 250% increase in payments made on devices using a TOR browser or VPN and dramatic increases in both high-velocity and geo-spoofing transactions. Now with Financial Crime Digital Intelligence, financial crimes teams can:

• Better detect digital sanctions evasion and unmask potential evaders who may be attempting to obfuscate their true location with technologies such as proxy, VPN or TOR browser with sanctions location risk
• Call in real-time for a match to a sanctions list with sanctions list match
• Combine digital identity and location intelligence with traditional financial crime data using the Financial Crime Digital Intelligence module on ThreatMetrix^® to create automated workflows and drive efficiencies
• Speed investigations and help meet emerging regulatory requirements related to digital identity and location using dynamic identity visualization tools

Continued Bailey, "The shift toward digital commerce meant greater convenience for consumers, but also made digital the new darling of criminals seeking to launder money or evade sanctions. Financial Crime Digital Intelligence provides innovative, just-in-time capabilities to rapidly transform financial crime compliance practices for the emerging regulatory requirements of today and tomorrow."

About LexisNexis Risk Solutions 
LexisNexis^® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com. 

Media Contact: 
LexisNexis Risk Solutions 
Marcy Theobald 
678.232.0948 
Marcy.theobald@lexisnexisrisk.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/lexisnexis-risk-solutions-financial-crime-digital-intelligence-solution-named-anti-money-laundering-product-of-the-year-by-risknet-301606672.html

SOURCE LexisNexis Risk Solutions

FAQ

What award did LexisNexis Risk Solutions win in 2022?

LexisNexis Risk Solutions won the Anti-Money Laundering Product of the Year at the 2022 Risk Technology Awards.

How does Financial Crime Digital Intelligence help with compliance?

It helps in detecting potential digital sanctions evasion in real-time by utilizing location intelligence from the Digital Identity Network.

What impact has the Russia sanctions had on financial crime detection?

Since sanctions in February 2022, there has been a 250% increase in payments made using VPNs, highlighting the need for advanced detection tools.

Who commented on the importance of the Financial Crime Digital Intelligence tool?

Leslie Bailey, vice president of financial crime compliance, emphasized its role in balancing fraud prevention with customer experience.

What is the Digital Identity Network used for?

The Digital Identity Network collects location signals to help detect and prevent digital sanctions evasion.