BankersAccuity's Global WatchList®: Reduce risk exposure with an extra layer of protection
Scanning against standard sanctions lists is not enough to protect your business against the risks of non-compliance. Many standard sanctions lists, including OFAC's Specially Designated Nationals list, do not provide exhaustive lists of sanctioned entities. This potentially exposes your business to costly consequences and inhibits global expansion.
Bridger Insight XG with BankersAccuity's Global WatchList delivers 100% coverage of global sanctions data. BankersAccuity's Global WatchList enhancements data further strengthens compliance screening by delivering deeper due diligence information and access to The OFAC Enhancements List from BankersAccuity. Key data enhancements help uncover sanctioned entities that a standard list may miss by providing critical details:
- Known aliases of designated individuals
- Subsidiaries of designated companies
- SWIFT/BIC codes and national routing information for all sanctioned bank offices
- Key name and address details on all designated bank offices in sanctioned countries
Bridger Insight XG's best-in-class matching algorithm helps you efficiently leverage enhanced data without impacting workflow efficiency. By detecting and evaluating approximate matches to intelligently reduce false positives, Bridger Insight XG helps maximize the protection of enhanced sanctions data while minimizing the impact of false positives. With the integration of enhancements lists, global sanctions and other watchlists from BankersAccuity, Bridger Insight XG leverages proven data to help you capture global market share, protect against risk and increase revenue.
Automate compliance workflow
Bridger Insight XG delivers an easy-to-use interface that makes workflow management easy. Meet compliance requirements more cost effectively with a seamless, integrated process across multiple departments. Additional archiving capabilities in Bridger Insight XG streamline audit preparation.
Generate faster revenue
A quicker compliance workflow combined with fewer manual reviews helps speed wire transfers and account openings and keeps resources focused on business growth and revenue generation.
Make faster decisions with actionable information
Multiple results are returned in an easy-to-read format and feature a configurable risk score that is mapped to a color-coded, "risk meter". By analyzing management reports, you can help realize significant savings by more efficiently managing false positives. In addition, the archiving capabilities and audit reports can help support regulatory examinations.
Leverage leading identity verification tools for more true matches
Verifying a customer's identity can be a complex process. Bridger Insight XG offers integrated access to LexisNexis® enhanced due diligence products, including LexisNexis® InstantID®, the only identity verification tool endorsed by the American Bankers Association. InstantID verifies information across multiple databases using a powerful search process and sophisticated analytics. Billions of records and thousands of independent data sources are searched in order to quickly provide robust and accurate identity verification. Bridger Insight XG is known for its easy-to-use interface, and allows you to manage workflow with ease. Audits are much easier because of the archiving capabilities in Bridger Insight XG.
Confidently expand into global markets
Bridger Insight XG also integrates access to LexisNexis® InstantID® International, an enhanced due diligence solution that uses advanced data linking to cross-reference multiple data sources to provide instant verification for international identities. Capitalize on global market opportunities while staying compliant with international banking regulations with identity data from over 14 countries including all of North America, China, Singapore, the United Kingdom and much of the European Union.
Gain better customer insight
Quickly verify that businesses and individuals are who they claim to be. Need more information to resolve an identity? Bridger Insight XG is integrated to LexisNexis® AML Solutions where you can select Enhanced Due Diligence reports such as Find-a-Person, our comprehensive SmartLinx®; report, Negative News and more. With the click of a button, the information you locate on the AML Solutions can be attached to the record in Bridger Insight XG. The integrated platform streamlines KYC efforts and helps satisfy USA PATRIOT Act CIP requirements. Your decisions can be justified, and documented for future audits.
Refine Politically Exposed Person (PEP) screening capabilities
Leverage our strategic relationships with leading vendors and take advantage of our newest features that help simplify PEP scanning, particularly batch files. Access World-Check®, a database of known heightened-risk individuals and businesses. Coverage includes money launderers, fraudsters, terrorists, organized crime and sanctioned entities, plus individuals and businesses from over a dozen other categories.
Simplify Identity Theft Red Flags Rule compliance
Bridger Insight XG can supplement your existing anti-fraud, CIP and/or KYC programs to help you address specific components of this regulation, as well as request an InstantID with Red Flags Rule Report from the same solution used for OFAC compliance and PEP screening.
Strengthen watchlist screening for OFAC & other lists
Bridger Insight XG provides access to more than 80 updated watchlists, allowing you to screen your customers in real-time or via batch processing. Bridger Insight XG also allows you to easily import nearly any additional list or data you choose—including FinCEN's 314(a) list, custom hotlists and fraud lists.
A few of the watchlists you can search against include:
- OFAC Specially Designated Nationals and Blocked Persons List
- BankersAccuity's OFAC Enhancements List
- United Nations Consolidated List
- United Kingdom Her Majesty's Treasury of Specially Designated Nationals
- European Union Consolidated List
- Office of the Superintendent of Financial Institutions (Canada Consolidated List)
Additional lists, such as the Financial Crimes Enforcement Network (FinCEN) 314(a), can be imported as needed.
Bridger Insight XG Protect your reputation and the bottom line
Banks remain a leading area of focus for compliance issues. All banking transactions should be screened in order to avoid compliance violations. Areas such as new accounts, wire transfers, and letters of credit should be checked as the transactions occur. The entire customer information file (CIF) should be rechecked whenever compliance agencies update their watchlists.
Where should a bank begin in implementing compliance systems? Begin by identifying the types of transactions which create the most risk for compliance violations. These areas typically include the following: wire transfers, new accounts, letters of credit, loans and CIF files. You may find Practical OFAC Principles and Practical USA PATRIOT Act Principles helpful for this.
Meeting regulatory requirements can be costly; failing to comply can be even more expensive, impacting both your brand value and the bottom line. Bridger Insight XG automates compliance workflow to streamline screening for new accounts, wire transfers and letters of credit. By analyzing management reports, you can realize significant savings by more efficiently managing false positives. In addition, the archiving capabilities and audit reports help support regulatory examinations.
Streamline and simplify your compliance efforts with Bridger Insight XG, which can help you:
- Comply with International ACH Transaction (IAT) Rules
- Comply with the Identity Theft Red Flags Rule
- Perform better KYC and CIP to reduce risk
Uncover deeper customer insight and lower risk
Bridger Insight XG provides access to a world of information from a variety of sources, helping you detect and mitigate hidden reputational risks—before they have a chance to adversely affect your business. Achieve the next level in knowing your individual or business customer and protect your business in an evolving world of risk with Bridger Insight XG.
Get it now: For more information about LexisNexis® Bridger Insight® XG, call 800.869.0751.