LexisNexis®EDD Insight Upgrade Enhances Compliance Screening Capabilities
LexisNexis® Risk Solutions, the global data and analytics provider, has today announced that it has expanded its LexisNexis EDD Insight screening capabilities to streamline the process for users, enhance efficiencies, and ensure that no potential matches are missed when risk screening. Ultimately, the upgrades will ensure an even more efficient approach to enhanced due diligence (EDD) screening for users.
LexisNexis EDD Insight aggregates consumer, business, and risk data into a single portal, helping organisations to evaluate risk quickly and confidently with a unique combination of consumer, business, and risk information, all within one web-based investigation platform.
This latest update sees the LexisNexis EDD Insight Business Report automatically screen the ultimate holding company, persons of significant control, and shareholders identified against LexisNexis® WorldCompliance™ Data† in addition to company name and current directors. As a result, firms can get a clearer view of a business within a single report and will need to conduct less additional screening.
EDD checks are a key part of businesses’ risk assessment process. When higher risks are identified, under the UK’s money laundering regulations, firms must apply enhanced due diligence measures requiring them to undertake more in-depth checks. This was taken a step further when the requirements of the Fifth Anti-Money Laundering Directive (5MLD) were implemented. For those conducting this process manually, it can be time-consuming, inefficient, unreliable and could result in firms falling short of meeting their regulatory obligations.
Steve Elliot, Managing Director of LexisNexis Risk Solutions, UK & Ireland comments:
“This latest update will further enhance firms’ EDD programmes and help significantly reduce undetected risks when it comes to screening customers. By automatically incorporating more data into the screening process, users no longer need to carry out any manual checks, which should both save time and free up compliance professionals who can then focus on the more skilled and cognitive tasks such as implementing a risk-based approach to compliance activities.
Using LexisNexisEDD Insight, firms can feel more assured in their efforts to comply with their EDD obligations under the Fifth Money Laundering Directive. According to our own research, despite the requirements coming into force over a year ago, UK firms are on average just 60% of the way through their implementation programmes, meaning they are not only at risk of penalties for non-compliance but could inadvertently allow illicit activity slip through the cracks, opening them up to potential reputational risk, too. At LexisNexis Risk Solutions we are committed to helping firms work to detect and deter crime, and ultimately ensure that we protect society at large from the impact of all forms of economic crime.”