LONDON — LexisNexis® Firco™ Continuity has been honoured with the Best Sanction/Watchlist Screening Innovation award by the 2023 Datos Insights (formerly Aite Novarica) AML (Anti-Money Laundering) Impact Awards. The AML Impact Awards recognise industry leaders pioneering new and disruptive financial crime products and capabilities whose innovations bring the financial services industry one step closer to triumph in the fight against fraud, money laundering and other illicit activities.
“Financial crime compliance has become increasingly challenging to keep up with as sanctions and watchlists are rapidly changing, putting financial institutions at risk,” said Becki LaPorte, strategic advisor for fraud and AML at Datos Insights. “Firco Continuity addresses these concerns by providing an efficient and effective real-time transaction screening solution to detect and flag potential risk of illicit financing.”
Firco Continuity™ provides sanctions compliance, reduces control costs and establishes readiness for regulatory scrutiny. It gives businesses an end-to-end solution from the preparation of data to transaction screening auditing, including filtering and alert remediation.
Datos Insights advisors and industry experts selected award winners based on innovation, competitive advantage, market needs/drivers, impact, value and future roadmap. It’s the second year in a row that LexisNexis Risk Solutions has won the Best Sanction/Watchlist Screening Innovation category.
“The costs to businesses of fighting financial crime is rising exponentially year on year. Our latest UK study revealed that financial firms spent around £34 billion in 2021 and those costs are increasing by around 12% annually, said Steve Elliot, managing director of LexisNexis Risk Solutions for UK & Ireland. Our award-winning solutions help organisations to manage their screening activities effectively and adapt to changing regulations. We’re proud that our tools are being recognised for their ability to address the complexity and challenges of an ever-evolving global financial crime threat, whilst also helping firms to manage the cost burden of these modern compliance requirements.”
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 (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for professional and business customers. For more information, please visit LexisNexis Risk Solutions and RELX.