Enabling Better Decisions
The success of a business depends on making good decisions, which requires being armed with the right information, at the right time. But the effect of better decisions extends well beyond the walls of business. Many decisions can directly and positively impact society at an individual level. With LexisNexis, we’re helping these businesses make these better decisions by giving people access to credit that, in many circumstances, would otherwise have been denied. This in turn leads to creating opportunities for individuals to pursue an education, build a business and overall, enhance their lives.
Help the underserved
Approximately 70 million individuals lack enough credit information to generate a credit bureau score. And while many of these individuals may present a sufficient income or other characteristics to be highly creditworthy, their insufficient credit history may prevent this.
However, a credit score should not be the only benchmark to predict future behavior. In fact, many public records and other non-data can be a highly effective tool to determine an individuals’ ability to repay their debts. LexisNexis® RiskView™, the predictive FCRA-compliant data repository and credit-scoring technology, does just that. By evaluating ownership status of assets, phone listings, address history, licenses and other state and local data sources, this database is able to provide an alternative data credit risk assessment solution that is endorsed by the American Bankers Association.
Money laundering fosters an environment of crime and corruption. When unchecked, jurisdictions that have lax money laundering regulations become highly susceptible to bribery of officials, unfair business practices and in some cases, market distortion. Criminal entities are allowed to operate and even expand their criminal activities, in societies without adequate regulation. These types of activities have a deeply adverse impact on society.
When it comes to the risk of being involved, even unknowingly, in money laundering or terrorist financing, the consequences can be serious. In response to today’s increased regulatory climate, global financial institutions are under intense pressure to comply with anti-money laundering and terrorism financing laws. When these companies do not exercise due diligence, not only are they assisting illegal activity, in some cases they might be violating national security and putting the lives of U.S. citizens at risk.
Uniting and Strengthening America by Providing Appropriate Tools to Restrict, Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) was designed to curb money laundering and criminalize terrorist financing. Much of its legislation focuses on financial institutions, typically calling for due diligence to confirm the identities of the people and the entities the financial institutions are doing business with.
OFAC administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals. The sanctions can target individuals, entities or entire foreign countries for activities such as terrorism, narcotics trafficking, the proliferation of weapons of mass destruction or human rights violations. OFAC designates individuals, organizations or entities, vessels and territories on watchlists that many regulators require financial institutions to scan against their files.
To help organizations avoid financial and reputational risk for non-compliance and alleviate risk of fraud, our data and analytics offer solutions to the industry. While we help banks mitigate risks associated with fraud prevention and Know Your Customer (KYC) programs, ultimately our products aid in keeping illegal activity out of U.S. financial institutions and essentially preventing terrorists financing activities.
Our data and analytics help make it possible for financial institutions to continue to properly and expeditiously validate their accounts, research names on U.S. and international government watchlists and meet compliance requirements of the USA PATRIOT Act and OFAC.
Bridger Insight XG is an advanced due diligence solution that provides the intelligence necessary to research the legality of international transactions. It is a tool to help validate the entity and individual associated with financial transactions. Our solutions help preserve the financial integrity of institutions in the industry by making it easier to identify risk factors and giving the institution the opportunity to more efficiently investigate relationships that might jeopardize the institution’s reputation.
Anti-Money Laundering Solutions
- Give banks the tools needed to have more complete knowledge about international transactions and the people and entities who initiate them
- Provide tools for enhanced due diligence from domestic and international sources
- Help investment banks to fulfill the requirements of the USA PATRIOT Act and maintain compliance
- Protect the integrity of financial institutions by enabling the organization to proactively take steps to protect the clients’ assets.
The integrity of the banking and financial services industry hinges on the perception that its operations are rooted within a framework of high ethical standards. A reputation of integrity is a valuable asset for a financial institution.
If funds from money laundering and /or terrorism financing can be processed through a financial institution, the institution becomes part of the criminal network itself and loses its most valuable asset--its reputation. Evidence of such will have a damaging effect on the attitudes of other financial intermediaries, regulatory authorities, as well as consumers.