LexisNexis Risk Solutions Unveils a Game-Changing Financial Crime Compliance Solution That Uses Digital Transaction Information to Create New Sanctions Risk Assessment Efficiencies
LexisNexis Financial Crime Digital Intelligence Harnesses the Power of Contributed Digital Transaction Intelligence for More Effective Compliance Workflows
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.
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.
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.