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.”

Source:  LexisNexis Risk Solutions Press Release