LexisNexis Risk Solutions Unveils a Game-Changing Financial Crime Compliance Solution That Uses Digital Transaction Information to Create New Sanctions Risk Assessment Efficiencies

Rhea-AI Summary

LexisNexis Risk Solutions has launched the Financial Crime Digital Intelligence to enhance financial crime compliance workflows. This innovative solution leverages digital identity data to address escalating sanctions risks associated with digital transactions, a challenge exacerbated by COVID-19.

Key features include Sanctions Location Risk and Sanctions List Match, which utilize real-time data for risk assessment. The product aims to empower compliance teams by modernizing legacy methodologies and improving risk evaluation aligned with digital transaction trends.

Positive

• Launch of Financial Crime Digital Intelligence on June 21, 2021, enhancing compliance in digital transactions.
• New features like Sanctions Location Risk and Sanctions List Match allow real-time sanctions risk assessments.
• Integration capabilities will be expanded for additional financial crime use cases, indicating growth potential.

Negative

• The need for such a solution indicates existing compliance challenges in managing digital transaction risks.

ATLANTA, June 21, 2021 /PRNewswire/ -- LexisNexis® Risk Solutions has revealed the newest application of its digital identity intelligence capabilities. LexisNexis® Financial Crime Digital Intelligence is a new solution that leverages digital identity data to transform financial crime compliance workflows.

Financial Crime Digital Intelligence leverages digital identity data to transform financial crime compliance workflows

 Assessing sanctions risk associated with transactions is a foundational requirement of all organizations. Transactions have been rapidly migrating to digital channels in recent years and COVID-19 has accelerated this timeline. The faceless nature of digital transactions introduces new opportunity for criminals to evade detection. Digital transactions represent a growing sanctions risk to many organizations as a result and regulators are taking notice. Several recent enforcements by the United States' Office of Foreign Assets Control (OFAC) have involved companies that facilitated transactions originated by persons in sanctioned countries. This occurred even though the companies' sites were collecting signals such as IP address and geo-location intelligence that should have identified the risk.

Financial Crime Digital Intelligence combines the power of LexisNexis® ThreatMetrix®, the LexisNexis® Dynamic Decision Platform and LexisNexis® WorldCompliance™ data. The solution offers financial crime compliance teams the ability to keep pace with and mitigate escalating sanctions risks associated with accelerated digital transaction adoption.

LexisNexis® Financial Crime Digital Intelligence provides a dedicated and customized workspace including purpose-built financial crime compliance capabilities such as access to additional sanctions risk features, storage capacity and user role configuration.

Chuck Subrt, senior fraud and AML analyst at global research and advisory firm Aite Group, said, "Data and effectively harnessing it have long been held as the keys to combatting money laundering, terrorist financing and other illicit activity. As the business landscape evolves, financial crime threats are expanding at warp speed. More than ever, successfully disrupting those threats demands smarter defenses through increased integration of digital identity and location intelligence."

Additional Sanctions Features
Two key features of the Financial Crime Digital Intelligence solution are Sanctions Location Risk and Sanctions List Match. Sanctions Location Risk uses the power of up to 10 different location signals to detect the location-based sanctions risk associated with a digital identity in real time, then delivers an assessment of that risk to users. Sanctions List Match allows customers to automate a call from the Dynamic Decision Platform to WorldCompliance data and receive an immediate "yes/no" response when there is a match to a sanctions list. This allows compliance teams to make the decision to either terminate the transaction or refer it for manual review in accordance with their specific risk appetite and tolerance.

"Many organizations struggle to mitigate financial crime risk using legacy methodologies when virtually everything about the way consumers transact with them today has changed. These legacy workflows have not kept pace with the sweeping evolution in technology," said Grayson Clarke, senior vice president of market planning at LexisNexis Risk Solutions.

Clarke continued, "Financial Crime Digital Intelligence is igniting real change, bringing the revolutionary power of digital identity for financial crime risk assessment to life – first for sanctions risk and soon for additional financial crime use cases. Organizations can now mitigate risk within their digital channels and bring their processes into alignment with the digital era."

LexisNexis Risk Solutions will launch additional financial crime compliance integration capabilities accessible via Financial Crime Digital Intelligence to address other use cases.

A webinar will take place today, June 21, 2021, on Digital intelligence: Transforming financial crime compliance.

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 (LSE: REL/NYSE: 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:
Marcy Theobald
678.694.6681
Marcy.Theobald@lexisnexisrisk.com 

 

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SOURCE LexisNexis Risk Solutions

FAQ

What is the Financial Crime Digital Intelligence launched by LexisNexis?

It is a solution designed to enhance compliance workflows related to financial crime by utilizing digital identity data.

When was the Financial Crime Digital Intelligence solution announced?

It was announced on June 21, 2021.

What features does the Financial Crime Digital Intelligence offer?

Key features include Sanctions Location Risk and Sanctions List Match for real-time risk assessment.

How does digital transaction growth impact financial crime compliance?

The rapid growth of digital transactions has increased sanctions risks, prompting the need for advanced compliance solutions.

Who is the parent company of LexisNexis Risk Solutions?

LexisNexis Risk Solutions is part of RELX, a provider of information-based analytics and decision tools.