Holistically addressing financial crime and fraud risks for optimal risk mitigation

Risk Mitigation

To succeed in the increasingly competitive fintech and banking industry, businesses need to deploy cutting-edge technologies and implement efficient strategies for meeting the expanding regulatory requirements. Given the dynamic nature of the sanctions landscape and the ever-expanding list of sanctioned parties with which businesses must comply, ensuring that your company never does business with a sanctioned person or entity becomes increasingly challenging. 

A critical part of the customer due diligence (CDD) process, screening for sanctions risk is required for all entities across  industries. Sanctions violations frequently result in harsh penalties. Designing and implementing processes for mitigating compliance risks is the first and most fundamental duty of a compliance professional. 

Compliance officers should check that their sanctions compliance programs are in line with OFAC and other applicable sanctions guidelines to reduce the likelihood of breaking sanctions. Specific components of companies’ sanctions compliance measures will be examined to ascertain whether they are up to the set standards as part of the evaluation of both the adequacy and the effectiveness of their sanctions` compliance program. 

When choosing the right tool to deploy, companies are facing challenges that stand beyond the basic checklist including price, deployment complexity and fit for purpose. The growing need to use sophisticated technology to address the quickly changing regulatory environment comes as a direct consequence of the increased digitization of the economy, which inevitably leads to higher levels of financial crime threats. Choosing a platform that can address both fraud and regulatory risks comes handy not only in terms of pricing and in the ROI companies see when optimizing their corporate tool, but also in preserving frictionless user experience for low risk customers.

To accomplish the goal of holistically addressing financial crime and fraud risks and to give its clients the ability to process multiple data points for optimal risk mitigation, Notolytix teamed up with LexisNexis ® Risk Solutions.

By providing a fully customizable watchlist screening solution, LexisNexis® Bridger Insight® gives companies the peace of mind they need to conduct both front-end screening and ongoing monitoring of customer relationships. 

The watchlist screening data provided by LexisNexis Risk Solutions sets the standard for pertinent, global risk intelligence that identifies and profiles high-risk individuals and organizations around the world. They combine cutting-edge technological advancements with expert knowledge to provide thorough, yet organized, global risk intelligence in a digestible, curated format that can be used to speed up crucial screening processes and automate decision-making. 

Notolytix provides a suite of powerful and flexible monitoring tools that, by incorporating data from multiple sources, can generate highly effective and advanced risk models that permit automated near real-time decision-making. Such sources include LexisNexis Risk Solution watchlists as well as predictive fraud analytics powered by LexisNexis® Emailage, a solution that provides unmatched clarity to complex transactions by focusing on email and other identifiers at its core, a consortium network, machine learning and deep analytical expertise.

About NOTO

Notolytix is a Bulgarian fintech company, established in 2015 by a group of specialists with extensive experience in the field of fraud prevention in the financial sector. The company’s main product is called NOTO – a software solution that addresses real-time AML and Anti Fraud threats of various kinds. NOTO can process transactions from all payment channels and is an extremely fast and flexible assistant to Compliance and Anti Fraud experts.