ATLANTA — LexisNexis® Financial Crime Digital Intelligence, a financial crime compliance solution that leverages digital identity data to transform compliance workflows, has been recognized with Aite-Novarica Group’s 2022 AML Impact Award in the Best Sanction/Watchlist Screening Innovation category. The awards recognize organizations and vendors whose new and disruptive financial crime solutions and capabilities most effectively and efficiently counter escalating financial crime threats.
Financial Crime Digital Intelligence is a game-changing solution for digital financial crime compliance, created initially with one of the industry’s most pressing challenges in mind: digital sanctions evasion. In the wake of pandemic-accelerated digital transactions and recent geopolitical conflicts, businesses are struggling to balance an elevated digital customer experience with heightened digital sanctions evasion risk. As a result, LexisNexis® Risk Solutions innovated Financial Crime Digital Intelligence to help customers navigate the complexity of global sanctions, including elevated evasion risk and substantial reputational risk, by using the vast location intelligence within LexisNexis® ThreatMetrix®, LexisNexis® Digital Identity Network®, LexisNexis® Bridger Insight® XG and LexisNexis® WorldCompliance™ Data to identify potential evaders.
“Financial organizations require tools that can harness massive amounts of data residing in unstructured or semi-structured formats to uncover meaningful intelligence more quickly and drive smarter decision-making and better outcomes,” said Chuck Subrt, Fraud & AML Practice Director at Aite-Novarica Group. “Financial Crime Digital Intelligence is helping close the loopholes in traditional sanctions defenses which organized crime and terrorist groups have been exploiting.”
Aite-Novarica selected award winners and finalists based on level of innovation, competitive advantage, market need, financial crime risk mitigation, impact on customer experience, operational efficiency, integration, scalability and future roadmap.
“This recognition from Aite-Novarica Group for our commitment to helping organizations better manage sanctions risk is a true honor for LexisNexis Risk Solutions,” said Leslie Bailey, vice president, financial crime compliance. “With rapidly accelerating changes in financial crime evasion techniques and consumer behavior, the status quo approach to sanctions compliance is no longer sufficient for our new digital normal. By combining traditional identity intelligence with shared digital identity intelligence, Financial Crime Digital Intelligence harnesses unique digital transaction intelligence to enable organizations to beat financial criminals at their own game.”
Continued Subrt, “The world is changing rapidly. Sustaining effective financial crime risk management has become extremely challenging and complex. The breadth and capabilities of AML technology solutions must now go beyond traditional offerings to address new market forces, combat financial crime, and achieve regulatory compliance while elevating the customer experience and operational efficiency.”
View the Aite-Novarica Impact Report.
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 and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Senior Director, Global Communications