Financial Crime Compliance and Digital Identity Intelligence

The infographic illustrates how adding digital identity intelligence to your financial crime compliance strategy enables your business to:

• Capture a unified picture of identity informed by network intelligence, industry-trusted global coverage and intellectual property
• Reinforce risk perspective with an immediate view of a digital identity built with contributory, crowdsourced data from more than 35 billion global annual transactions
• Mitigate regulatory, reputational and financial risks by proactively avoiding exposure to money laundering, sanctions and fraud vulnerabilities

The infographic walks through the digital commerce issues that are coalescing to create a fertile climate for financial criminals to evade detections of activities tied to money laundering, sanctions risk and fraud. These factors include:

• The dominance of digital commerce as the value of digital transactions is projected to reach over USD 4,406,431 million this year¹
• The dual role of technology in fueling globalization and market expansion while also facilitating opportunities for bad actors to commit money laundering, sanctions evasion and fraud
• The routes bad actors take to capitalize on borderless transactions, including:
• Security breaches have increased 67% since 2014²
• Hackers attack every 39 seconds, on average 2,244 times a day³
• 68% of business leaders feel cybersecurity risks are increasing⁴

We also explore the ways governments are responding to the rise in digital commerce by increasing regulatory oversight:

• Governments around the world have expanded their use of targeted economic sanctions
• Regulatory focus is quickly shifting to e-commerce
• 2019 global penalties totaled USD 36 billion for non-compliance⁵
• Sanctions violations make up almost 40% of 2019 fines⁶

The infographic outlines how digital identity intelligence expands your financial crime compliance risk perspective and adds the advantage of near real-time risk visibility. With a more risk responsive strategy, your business can effectively combat financial crime and fraud so you can concentrate on trusted customers. Important considerations include:

• A retroactive approach to risk management exposes your business to damaging regulatory enforcements and introduces friction into the customer experience
• Relying solely on physical identity intelligence equates to only operating with partial risk visibility
• Incorporating digital identity intelligence and transactional behavior insights helps counteract the common ways bad actors evade detection, such as mule accounts, VPNs and proxies

Digital identity intelligence fortifies your financial crime compliance defenses without adding friction for valuable customers. Find out how to optimize your financial crime compliance strategy with a more complete view of risk. Explore our infographic now.

1. statista.com/outlook/296/100/digital-payments/worldwide
2.- 4. helpnetsecurity.com/2020/02/11/2019-reported-breaches
5-6. prnewswire.com/news-releases/aml-kyc-and-sanctions-fines-for-global-financial-institutions-top-36-billion-since-financial-crisis-300994923.html