Question: I need a system that can accurately identify high-risk individuals and entities for AML and sanctions compliance.

For AML and sanctions compliance, LexisNexis Risk Solutions offers a range of financial crime compliance and risk assessment tools. The platform uses advanced analytics, machine learning and AI technology in conjunction with global identity intelligence to offer real-time assessments of customers and third parties. Its tools include Customer Identification Program (CIP), Customer Due Diligence (CDD), Watchlist Screening, Trade Compliance, and Ongoing Monitoring. These tools help financial institutions and businesses meet core sanctions and global financial crime compliance obligations.

Nasdaq Verafin is another powerful solution that pools data from hundreds of institutions for better security and efficiency. It includes fraud detection using machine learning and consortium analytics, anti-money laundering (AML) and counter-terrorism financing (CFT) management, and high-risk customer management. The platform also offers secure 314(b) information sharing among financial institutions, which means fewer false positives and more efficient investigations.

Trulioo specializes in identity verification for Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance. It offers person verification with high match rates, real-time identity document verification, and business verification in 195+ countries and 14,000+ document types. Its global watchlist screening covers more than 6,000 watchlists and 20,000 adverse media sources, making it a good option for financial services businesses.

If you prefer an AI-powered approach, ComplyAdvantage automates manual labor-intensive processes to cut down on false positives and optimize compliance workloads. It spots fraud and suspicious transactions in real-time, monitors for hundreds of known typologies and offers real-time transaction monitoring. The platform is designed to increase compliance efficiency and security, making it a good option for businesses looking to improve their AML and fraud prevention.