BEST AML SOLUTION
LEXISNEXIS RISK SOLUTIONS
To guard against fraud and money laundering in an age when mining through data is becoming increasingly burdensome, LexisNexis Risk Solutions leverages its high-power computer cluster (HPCC) which extracts information from a range of sources, including newspapers and government resources, on individuals, their associates and family members. After screening against the 2.8 million entries in its database and taking into consideration the different levels of due diligence at private banks, Bridger Insight XG generates a risk score for each individual under consideration.
In 2018, LexisNexis Risk Solutions prioritised the problem of false positives which not only slow the onboarding times of non-risky clients but also divert compliance resources away from where they are needed most. By further leveraging machine learning, the Bridger Insight XG solution has reduced false positives in client reports by 65% and decreased the number of false negatives for politically exposed persons to zero, thereby vastly improving compliance and operational efficiency at client banks.
And as geopolitical tensions grow, AML solutions must not only conduct financial crimes screening but also sanctions screening. Bridger Insights XG now applies digital identity technology to monitor the sanctions risk of digital identity transactions in real time — a unique offering in the market — and notifies users within eight hours of sanction-related developments.
LexisNexis Risk Solutions is not only the provider of the world’s most popular screening solution but it also has a prominent presence in Asia, with eight of the ten biggest banks in the region relying on the fintech firm for improved efficiencies so they can focus on what matters most: serving their clients.
LexisNexis Risk Solutions is the winner of Asian Private Banker’s award for Best AML Solution in 2018..