CRIF, a global providers of business information, has tapped LexisNexis Risk Solutions’ platform for KYC requirements.
Through the alliance, CRIF will integrate LexisNexis Risk Solutions WorldCompliance Data product into its SkyMinder platform.
With more than 6,300 banks and financial institutions, 55,000 business clients and 310,000 consumers using CRIF services in 50 countries throughout Europe, the Americas, Africa and Asia, CRIF claims to one of the world’s largest banking and credit information companies.
WorldCompliance Data includes databases of companies and individuals associated with sanctions, enforcements, Politically Exposed Persons (PEPs) and state-owned entities, with over 35,000 news sources monitored for adverse media records. By integrating the data into its platform, CRIF’s users will have access to financial crime compliance data for the mitigation of terrorism financing and money laundering risk.
Thomas Brown, senior vice president, U.S. commercial markets and global market development, LexisNexis, said: “The current regulatory ecosystem is experiencing significant changes. Lawmakers, globally, are broadening their sights to include non-financial organizations, including telecoms, e-commerce, retail and pharmaceutical companies, as well as traditional financial institutions.
“When it comes to assessing third-party risk, KYC processes play an essential role, as they enable companies around the world to implement regulatory obligations, protect their brand reputation and avoid costly enforcement fines. Through the integration of LexisNexis Risk Solutions WorldCompliance Data, SkyMinder users will be able to identify patterns of subjects who may be involved with companies and entities associated with financial crime risks.”
Lexis Nexis Risk Solutions uses data and advanced analytics to help businesses and governmental entities reduce risk and improve decisions. Headquartered in metro Atlanta, Georgia, it provides its solutions to a wide range of industries including insurance, financial services, healthcare and government.
Earlier this year, LexisNexis partnered with AML Accelerate to enable its customers to comply with AML/CFT compliance obligations. The the partnership allows LexisNexis customers to accelerate their compliance efforts.
In February, LexisNexis Risk Solutions closed the acquisition of ThreatMetrix, a Silicon Valley-based digital identity platform. The company’s expertise in digital identity was combined with the physical identity expertise of LexisNexis Risk Solutions, enabling companies around the world to protect themselves against existing and emerging fraud, risks and financial crime.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
