LUCINITY & EXPERIAN PARTNER TO TACKLE FINANCIAL CRIME AND DRIVE ENHANCED LEVELS OF KYB COMPLIANCE

Lucinity and Experian announced today that the companies have entered a strategic partnership to deliver next-generation ongoing Know Your Business (KYB) and compliance risk assessments.

This partnership will combine Experian’s financial crime data sources with Lucinity’s artificial intelligence (AI) and data visualizations to achieve a continuous view of changing risks in business relationships. Lucinity and Experian’s joint solution will help organizations make more informed decisions that will ultimately allow them to detect and prevent financial crime.

The partnership will bring Know Your Customer (KYC), risk, screening, and transaction monitoring data together into the Lucinity platform, allowing for KYB compliance processes to be more productive and efficient. It will enable organizations to carry out dynamic, event-based reviews based on material changes in activity and behaviour. In addition, the solution will provide users with a macro-view of compliance risk across their entire organization by comparing the risk profiles of different customers.

“The number of cash-intensive businesses in the UK has tripled in the last 12 years; this brings with it fundamental challenges around effective anti-money laundering measures,” says James McGarva, Managing Director of Business Information at Experian. “This partnership with Lucinity will help financial institutions tackle financial crime more effectively and significantly reduce criminal activity within the UK economy.”

The solution will help Experian customers break down the silos between different data sources, better contextualize information, and receive actionable information at their fingertips, all of which will drive greater productivity in their day-to-day work. Lucinity and Experian are now open for clients to join them on this journey to generate valuable business intelligence for their organization.

“This exciting partnership is going to significantly accelerate innovation in perpetual monitoring of customer relationships,” says Jeremy Doyle, Lucinity’s VP of Enterprise and Partnerships. “We both see our core business strategies align and the companies become leading voices in this important area of anti-financial crime.”