HONG KONG and ATLANTA — LexisNexis® Risk Solutions has won the “Best AML Solution” in the Asian Private Banker’s Technology Awards. The awards recognize the pioneering role LexisNexis Risk Solutions has played in providing leading anti-money laundering (AML) solutions, including sanctions, KYC and Customer Due Diligence, for its clients in the Asia market and the roll-out of innovative products, especially in the China market.
Thomas C. Brown, senior vice president, U.S. Commercial Markets and Global Market Development, LexisNexis Risk Solutions, said: “We are grateful to be honoured with this prestigious award. It reflects our motivation to enable the success of our clients, as they seek efficiencies in an era of heavy operational workload. Our goal is to increase the effectiveness of KYC and watchlist screening processes by incorporating identity verification, transaction screening, due diligence and fraud prevention services through a single point of entry.
“Financial institutions doing business across Asia remain under constant pressure to comply with AML regulations in each jurisdiction they operate. Given this, demand from private banks and wealth management firms for the LexisNexis® Risk Solutions Bridger Insight® XG platform, which reduces the complexity and boosts the efficiency of KYC processes and the entire compliance department, has outpaced our own projections. Additionally, demand from non-financial corporations, like companies in e-commerce, retail, telecommunications and gaming, is on the rise, as regulators set their sights on whether companies in these industries have fulfilled their regulatory obligations.”
Consulting firm Kapronasia’s “2017 Asia Pacific Vendor Landscape: AML Solutions”, focused on the AML landscape across Asia, found that AML technology is becoming an essential tool in the overall strategy to fight financial crime. Cybercrime, especially crime related to terrorism financing, money laundering and sanctions violations, has forced governments to focus on financial transaction processes to ensure the safety and legitimacy of the financial services industry.
The study noted that without technology such as the Bridger Insight XG platform firms would struggle to meet their requirements cost efficiently. Large banks employ hundreds, if not thousands of professionals to manage their anti-money laundering compliance requirements. This figure would be much higher were it not for machine learning and greater commoditization of the underlying technology. A shared database, also referred to as a KYC utility, provides an opportunity for banks to flag common threats faced by institutions while at the same time improving the customer onboarding process and experience.
David Haynes, LexisNexis Risk Solutions, Asian Business Development Director, said: “Companies in Asia are seeking the basic capability to screen efficiently any customer or money flow against a range of highly dependable lists that cover the critical aspects of financial exposure. A LexisNexis Risk Solutions survey revealed that nearly 9 out of 10 respondents in Hong Kong (87 per cent) agreed they would be willing to collaborate with their peers to streamline client onboarding through the use of a KYC utility.”
LexisNexis Risk Solutions has proven to have solutions that can perform an ongoing customer due diligence (CDD) and seamless integration of due diligence (EDD) on new and existing clients for financial institutions in Asia and benefit them by reducing their total cost of compliance. A survey by LexisNexis Risk Solutions shows that banks in Hong Kong spends an average of US$1.9 million annually on AML compliance.
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 across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.