ATLANTA, August 17, 2022 /PRNewswire/ — LexisNexis® Risk Solutions announced that its financial crime digital intelligence solution won Product of the year against money laundering at the Risk Technology Awards 2022. The Risk Technology Awards recognize vendors who excel in helping the industry meet its various challenges in the areas of anti-money laundering, credit, operational risk and risk management. broader business risk. The jury is made up of both technology users and Risk.net editors.
LexisNexis® Financial Crime Digital Intelligence is an innovative solution for digital financial crime compliance, created in response 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 sanction evasion in real time, even when an entity may be trying to hide its true location, due to the power of the LexisNexis® Digital Identity Network®, a crowdsourced digital identity. intelligence network that collects up to 10 location signals from every transaction that occurs on the network.
“This is a very important digital sanctions evasion intelligence tool, which has been successful and can only become more useful in the future,” the Risk.net jury remarked. “Digital financial crime intelligence is comprehensive and clearly fits this new sanctions environment and long-term data retention is a clear advantage as this is an area of focus for regulators.”
“It’s an honor to be recognized by Risk.net for our work in the area of anti-money laundering. We knew there was a better way to strike the balance between preventing fraud and raising the ‘customer experience by combining traditional identity intelligence with shared digital identity intelligence, and that we are uniquely positioned to deliver this solution,’ he said Leslie BaileyVice President, Financial Crimes Compliance, LexisNexis Risk Solutions.
Since the Russian sanctions came into effect February 2022VPN demand a Russia increased The Digital Identity Network® reported a 250% increase in payments made on devices using a TOR browser or VPN and dramatic increases in both high-speed and geospoofing transactions. Now with digital financial crime intelligence, financial crime teams can:
Better detect digital sanctions evasion and unmask potential evaders who may be trying to obfuscate their true location with technologies such as proxy, VPN or TOR browser with sanction location risk Call in real-time for a Sanction List Match Sanction List Match Combine digital identity and location intelligence with traditional financial crime data using the Financial Crime Digital Intelligence module in ThreatMetrix® to create workflows automate and drive efficiencies Accelerate investigations and help meet emerging regulatory requirements related to digital identity and location through dynamic identity visualization tools
Bailey continued: “The shift to digital commerce has brought greater convenience for consumers, but it has also made digital the new favorite of criminals looking to launder money or evade sanctions. Digital financial crime intelligence offers capabilities innovative and timely to rapidly transform financial crime compliance practices for today’s and tomorrow’s emerging regulatory requirements.”
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and government entities reduce risk and improve decisions to benefit people around the world. We provide data and technology solutions for a wide range of industries, including insurance, financial services, healthcare and government. Based in metro Atlanta, Georgia, we have offices worldwide and are part of RELX, a global provider of information-based decision and analysis tools for professional and enterprise customers. For more information, visit www.risk.lexisnexis.com i www.relx.com.
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