Prescribed in the Money Laundering Regulations 20171, enhanced due diligence is a cornerstone of the risk-based approach. Higher risk entities require both enhanced due diligence and enhanced on-going monitoring, in order to ensure compliance and mitigate financial crime risk.
Organisations need a well-defined risk escalation process for financial crime compliance due diligence. This helps to ensure a positive customer experience for those individuals that may pose higher risk, but are still viable business relationships.
Supporting enhanced due diligence processes should rely on expansive and rich data. Coupled with the right technology and analytics, this will help to find hidden risks and unseen relationships.
LexisNexis® Risk Solutions enhanced due diligence capabilities aggregate consumer, business and risk data into a single portal, helping organisations to investigate higher risk individuals, remediate alerts quickly and confidently clear false positives.
Find out how we can help mitigate risk in a customer-friendly fashion – contact us today.