LexisNexis Teams with Actimize on Comprehensive Customer Due Diligence Solution

LexisNexis Risk & Information Analytics Group has teamed with Actimize Inc. to create an integrated Customer Due Diligence (CDD) solution to help detect fraud and comply with due diligence regulations. The LexisNexis Risk & Information Analytics Group delivers actionable intelligence to help customers confidently make critical decisions faster. Actimize, a leader in risk, compliance and fraud prevention solutions, provides real-time transaction monitoring, analytics and workflow to help customers comply with regulations, prevent fraud, and manage risk. The joint solution is a highly automated, integrated application that helps financial services firms verify identity, issue risk ratings, maintain comprehensive audit trails, support case management and generate reports to provide protection and improve compliance performance.

This joint solution leverages LexisNexis® Risk & Information Analytics Group advanced fraud prevention and customer verification technologies driven by rich and dynamic data sources, and leverages Actimize?s leading transaction monitoring platform and comprehensive case management workflow application.

?All financial institutions need a complete solution to quickly and effectively manage the due diligence process both at account origination and over the life of the account,? said Thomas C. Brown, vice president of financial services solutions for LexisNexis Risk & Information Analytics Group. ?Additionally, with this solution, our customers will be able to provide a clear audit trail for their due diligence activities for optimal compliance,? said Brown.

?This solution helps financial institutions meet the more demanding requirements of regulators around Sections 312 and 326 of the USA PATRIOT Act, as well as other regulations. For those customers who already have an AML solution in place, this will provide further enhancement and needed compliance,? said David Sosna, Actimize CEO. ?For those who don?t, we provide both the AML and CDD total solution, so we can deliver a complete compliance solution.?

The new solution helps financial firms:

• Monitor customer risk on an on-going basis from real-time account opening ? including various trigger events ? through the complete customer lifecycle with an online and paperless system
• Deploy with virtually any Anti-Money Laundering system or the AML solution from Actimize
• File Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) electronically to increase productivity in meeting compliance regulations
• Save time and money by reducing manual reviews, processes and analyses with an automated solution

The new offering from LexisNexis Risk & Information Analytics Group and Actimize is part of the Fraud Prevention solution line from LexisNexis Risk & Information Analytics Group, which is designed to help financial services firms with fraud and risk assessment, due diligence and compliance.