FCDI Provides Innovative Capabilities to Rapidly Transform Financial Crime Compliance Practices for Emerging Regulatory Requirements of Today and Tomorrow
LexisNexis® Risk Solutions announced that its LexisNexis® Financial Crime Digital Intelligence product has been selected as the winner of the Best Overall Digital Identity Solution in the seventh annual FinTech Breakthrough Awards program.
FinTech Breakthrough is an independent market intelligence organization that recognizes breakthrough companies and products in the global financial services and technology industry.
LexisNexis Financial Crime Digital Intelligence (FCDI) is a digital sanctions evasion intelligence tool designed to help businesses balance the need for a more elegant digital customer experience with heightened digital sanctions evasion risk. Financial crime teams can address the growing challenges of digital financial crime and manage risk more efficiently by leveraging the power of LexisNexis® Digital Identity Network® to identify sanctions risk in real time using vast location intelligence to help outsmart potential evaders.
“One of the industry’s most pressing unsolved problems of today is digital sanctions evasion. In the wake of COVID-accelerated digital transactions and recent geo-political conflict, businesses are struggling to balance elevated digital customer experience with this heightened risk,” said James Johnson, Managing Director, FinTech Breakthrough. FCDI is a game-changing solution, built on the breakthrough ThreatMetrix® Digital Identity Network. FCDI’s approach to digital sanctions evasion risk provides innovative capabilities to rapidly transform financial crime compliance practices for the emerging regulatory requirements of today and tomorrow. Congratulations on another FinTech Breakthrough award – this time for being our pick for ‘Best Overall Digital Identity Solution Provider.’”
It’s an honor for LexisNexis Risk Solutions to receive recognition by FinTech Breakthrough as a leader for our work in the digital identity space for the third year in a row,” said Leslie Bailey, vice president, global financial crime compliance and payments, LexisNexis Risk Solutions. “It is great to see this award recognize FCDI’s vital role in helping our customers combat financial crime, including digital sanctions evasion.”
FCDI provides a timely solution for businesses managing various risk factors, including digital sanctions evasion. Internal data from LexisNexis Risk Solutions shows a 250% increase in payments made on devices using TOR browsers and VPNs after Russian sanctions were put into effect in late February 2022. VPN usage in Russia increased by nearly 2,700% between February 24 and March 24 last year.
FCDI makes it possible for financial crimes teams to:
- Better detect digital sanctions evasion and unmask potential evaders
- Make real time calls for a match to a sanctions list
- Combine digital identity and location intelligence
- Speed investigations and help meet emerging regulatory requirements
The FinTech Breakthrough Awards recognize FinTech innovators, leaders and visionaries from around the world in a range of categories including digital banking, personal finance, lending, payments, investments, regtech, insurtech and many more. The 2023 FinTech Breakthrough Awards program attracted more than 4,000 nominations from across the globe.
