Financial Crime Compliance

Fortify Financial Crime Defenses Without Adding Customer Friction

Capitalize on the opportunities of digital commerce without increasing risk exposure. Explore our infographic to see how digital identity intelligence delivers a unified picture of identity.

Financial Crime Compliance and Digital Identity Intelligence

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Capture Digital Opportunities Without Compromising on Compliance

Financial Crime Compliance

A profitable digital commerce strategy balances opportunity with optimal risk management. Are your financial crime compliance tools built to help you take advantage of global markets and avoid greater exposure to money laundering, sanctions risk and fraud?

Our infographic details six essential takeaways from our recent webinar, “Leveraging digital identity intelligence to mitigate financial crime risk.” Take a closer look to learn the factors shaping the biggest digital commerce challenges. You’ll also learn how digital identity intelligence reinforces your financial crime compliance risk perspective so you can defend your business from bad actors.

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

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