Singapore/Hong Kong, 22 November 2022 – LexisNexis® Risk Solutions was awarded Best Solution – Trade Compliance in the 5th Regulation Asia Awards for Excellence 2022 at an in-person ceremony on 22 November 2022.
LexisNexis Risk Solutions was recognised for LexisNexis® Firco™ Trade Compliance, a comprehensive solution designed to help banks detect entities associated with money laundering, sanctions, terrorism, and other financial crime risks in their trade finance businesses. It screens data from trade documentation against sanctions, politically exposed persons (PEPs), and dual-use goods lists as well as adverse media from within a single interface. This includes screening trade counterparties, freight and cargo firms, and vessels, as well as their beneficial owners.
The solution provides real-time screening to enable the detection of risks throughout a trade’s lifecycle, an advanced case management function to help streamline workflows, and an automated audit trail to evidence clear proof of actions to auditors and regulators. Firco Trade Compliance also allows firms to configure fields to derive optimal screening results based on their internal policies and risk tolerance, effectively reducing false positive matches and increasing efficiency of trade finance teams.
Firco Trade Compliance also contains a unique controlled goods screening engine that intelligently detects the trade of dual-use and military goods, and in December 2021, it launched a vessel history feature that signals red flags related to sanctions evasion in the maritime and shipping industry, such as historical AIS transponder anomalies and ship-to-ship transfer activities. From a data perspective, the solution provides near real time updates on vessels, including location tracking.
“Firco Trade Compliance provides banks transparency on all aspects of a trade, revolutionising trade compliance operations,” said one judge on the Regulation Asia awards panel. “The platform helps guard against regulatory and reputational risk while also providing significant automation, which is particularly important at a time when international sanctions and export controls are growing ever-more complex, yet there is a need to keep trade flows moving with as little friction as possible.”
Firco Trade Compliance is used by banks, non-bank financial institutions, cargo and freight firms, air cargo carriers and other corporates.
About the Regulation Asia Awards for Excellence 2022
The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that help ensure the highest regulatory compliance standards are upheld in the financial industry. Each year, senior industry practitioners serve on a judging panel to help assess and score each submission to determine the winning entrants.
For a full list of the award 2022 winners, visit www.regulationasia.com/awards.
About Regulation Asia
Regulation Asia is the leading source of actionable regulatory intelligence for Asia Pacific markets. With over 12,000 subscribers, including regulatory bodies, exchanges, banks, asset managers and service providers, Regulation Asia plays a key role in shaping the regulatory agenda.