LexisNexis Risk Solutions Anti-Money Laundering Solution Takes Prestigious Asia Award Second Year Running

LexisNexis® Risk Solutions has been awarded the “Best AML Solution” in the Asian Private Banker Technology Awards for the second consecutive year. The award recognizes LexisNexis Bridger® Insight XG as the premier screening tool in the market, helping private banks and other institutions reduce complexity, increase efficiency, boost profitability and tackle financial crime.

“We are honored to receive this significant award from Asian Private Banker,” said Thomas C. Brown, senior vice president, U.S. Commercial Markets and Global Market Development, LexisNexis Risk Solutions. “It reflects the quality of Bridger Insight XG, which provides robust intelligence and a unified workflow to strengthen risk oversight through a single point of entry, while reducing consumer onboarding friction. This influences the entire consumer experience and helps boost bank profitability by helping consumers transact faster. Institutions in Asia have never been under so much pressure to comply with regulations aimed at combatting financial crime. Harnessing technology is crucial ⸺ Bridger Insight XG allows compliance personnel to review personal and business histories to gather critical Know Your Customer details via its link to profiles of over 3 million individuals and companies, covering more than 50 risk categories, such as sanctions, money laundering and politically exposed persons.”

LexisNexis Risk Solutions is tackling a chronic problem for private banks and wealth management firms ⸺ ‘false positives’ when screening for money laundering. A false positive is a result that wrongly indicates a positive result during the screening process, slowing the adoption of good clients and diverting financial crime compliance resources from managing true risk issues.

“In 2018, we began expanding the use of machine learning within Bridger Insight XG to reduce false positives. LexisNexis Risk Solutions will also be implementing new technology that allows private banks and wealth management firms to identify and address substantial hidden risk in their anti-money laundering compliance efforts, specifically around sanctions screening this year” said Doug Wolfson, director, financial crime compliance strategy at LexisNexis Risk Solutions. Digital identity risk exposes institutions to potential threat of massive fines and reputational damage, while allowing terrorist financiers, money launderers and fraudsters to move money through the global financial system with impunity. The new digital identity technology monitors the sanctions risk of digital identity transactions in real time, a significant innovation not provided by any other vendor. Private banks and wealth management firms will be able to monitor whether they face any potential sanctions risk from where their clients are located with the increased uptake of web portals and internet servicing amongst their clients.

LexisNexis Risk Solutions is uniquely able to innovate this new digital identity technology due to its 2018 acquisition of ThreatMetrix®, a global digital identity company with roots in Australia.

SOURCE LexisNexis Risk Solutions