Machine learning and artificial intelligence algorithm paves new ways for anti-money laundering compliance in LexisNexis Risk Solutions' award-winning solution
SINGAPORE and HONG KONG, Nov. 14, 2018 /PRNewswire/ -- Anti-money laundering (AML) efforts and sanctions screening have been at the forefront of risk and compliance professionals as cross-border tensions and trade wars continue to erupt. It is now more important than ever before for financial institutions to streamline regulatory compliance with a smart platform to better protect their businesses, customers and increase revenue with lower costs.
LexisNexis® Risk Solutions, an industry leader for risk management solutions and its platform Bridger Insight® XG, have helped over 2,600 global organizations across more than 100 countries to combat financial crime, like money laundering.
Bridger Insight XG is a fully integrated compliance platform that enables organisations to reduce the complexity and boost the efficiency of know-your-customer (KYC) processes by accessing identity verification, screening, due diligence and fraud prevention services through a single point of entry.
With machine learning optimized workflows, the platform provides significant efficiencies to the screening processes to drive compliance costs down, increase operational capacity, standardize remediation processes with less human error, and reduce cycle times for businesses around the world.
"We see a great opportunity in the marketplace for financial services companies to leverage machine learning to be more efficient and effective. The reality today, though, is that machine learning tends to be underutilized and pockets of underpenetrated domains exist, including in the area of anti-money laundering compliance. This is a ripe area where banks and fintechs can concentrate their application of machine learning and gain a competitive advantage by better servicing customers," said Mark Luber, senior vice president, global products and analytics, LexisNexis Risk Solutions.
Bridger Insight XG recently won the 'Best AML Solution' at Asian Private Banker's Technology Awards 2017 and early this week received the Highly Commended designation in the category for 'Best Solution in Anti-Money Laundering' in the Regulation Asia Awards for Excellence 2018.
Bridger Insight XG sets the industry standard in reducing false positives through proprietary matching algorithms, refined over 17 years. By using analytic optimization, LexisNexis Risk Solutions develops tuned workflows to increase accuracy and efficiency in predicting true matches and reducing the volume of false positives that need to go through costly remediation.
David Haynes, APAC Head of LexisNexis Risk Solutions, said, "Firms, big and small, are under pressure to comply with anti-money laundering regulations in each jurisdiction they operate, while controlling remediation costs. At LexisNexis Risk Solutions, we understand these challenges and have been at the forefront of bringing advanced technology, such as machine learning and artificial intelligence, across our suite of financial crime compliance solutions to enhance operational efficiency."
About LexisNexis® Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX Group (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Media Contact:
Jean Creech Avent
Director, PR
LexisNexis Risk Solutions
+1 770 862 7978
[email protected]
Lisa Fong
Teneo Strategy
+852 3655 0520
[email protected]
SOURCE LexisNexis Risk Solutions
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