WorldCompliance is a leading provider of customer and vendor screening content used for Anti-Money Laundering (AML) and Governance Risk and Compliance (GRC) solutions. WorldCompliance’s Politically Exposed Persons (PEP) lists and Enhanced Due Diligence reports are the ideal complement to LexisNexis’ AML solution, resulting in a leading suite of AML/compliance solutions in the market.
In a dedicated effort to address the importance of this issue, LexisNexis screens more than 20bn names against continuously updated global watchlists per year to help money-laundering crimes and other terrorist acts. With the addition of WorldCompliance’s proprietary data and software, LexisNexis is armed with the top tools and solutions in the industry to best protect its customers.
“AML compliance will cost the financial industry $5.8 billion this year globally, which is 35 percent more than it spent on AML five years ago,” said Neil Katkov, PhD, Senior Vice President, Celent industry analyst. “Personnel costs alone will exceed $4.4 billion. “Now more than ever the industry is in need of solutions to help increase efficiency in AML operations.”
“Combining WorldCompliance’s PEP lists and Enhanced Due Diligence reports with LexisNexis’ AML/compliance solutions will help our customers verify the identities of high-risk criminals around the world, while meeting worldwide compliance and regulatory standards,” said Rick Trainor, CEO, Business Services, LexisNexis Risk Solutions. “WorldCompliance has a global offering that complements the LexisNexis AML strategy of investing and expanding in assets to provide our customers a robust global Know Your Customer solution.”
LexisNexis works with 100 percent of the top 50 banks in the United States. The addition of WorldCompliance brings LexisNexis customers in more than 150 countries, and a large customer footprint in Europe, North and South America, Africa, the Middle East and Asia.
“Being part of Reed Elsevier will bring exciting new opportunities to expand and build the best possible solutions to help protect our customers. This will be a big win for them,” said Dirk Mohrmann, Co-Founder and WorldCompliance CEO.
Earlier this year, LexisNexis’ Bridger Insight™ XG solution, which helps organizations combat money laundering, was selected as the XCelent Award winner for Service in Celent’s Evaluating the Vendors of Watchlist and Sanctions Solutions report. For more information about LexisNexis’ anti-money laundering solutions, please click here. “The combination of our innovative solutions and data sets with the LexisNexis offerings will result in the leading solution in the fight against money laundering and corruption”, said Karl Martell, Co-Founder and WorldCompliance CIO.
*In 2011 Reed Elsevier acquired Accuity, Inc., which owned 45% of WorldCompliance.
