LexisNexis Risk Solutions UK Limited, part of RELX, on Wednesday (Aug. 25) announced it has acquired cloud-based anti-financial crime and anti-fraud platform TruNarrative, which will become part of LexisNexis’ business services group.
“Organizations are seeking solutions that help them comply more easily with evolving regulations and prevent financial crime, so they can focus more on growing their businesses,” said Rick Trainor, CEO of LexisNexis Risk Solutions, business services, in the joint announcement.
“The TruNarrative platform aligns with our financial crime compliance and fraud solutions, since it allows regulated organizations, such as banks, payment companies, non-bank financial institutions and designated non-financial businesses, to orchestrate their end-to-end compliance obligations, meeting onboarding and transaction monitoring requirements with lower customer friction,” he said. “This acquisition positions us well to help a wide range of businesses select the financial crime prevention components they need, then quickly enable and utilize these tools within high-functioning, easy-to-use workflows.”
“As we reached our high growth, this inflection point helped us focus on seeking a true international partner who could help drive global adoption of TruNarrative’s leading technology,” said John Lord, CEO and founder of TruNarrative. “The leading capability from LexisNexis Risk Solutions in data and analytics and the high quality of their team made them an obvious choice to help us deliver the next chapter of our amazing journey.”
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently rolled out its anti-money laundering (AML) priorities for FIs, with a focus on corruption and cybercrime laid out by the Financial Action Task Force (FATF).
The cost of financial crime compliance around the world is estimated to be almost $214 billion in 2021, according to a survey by LexisNexis Risk Solutions noted in a recent Wall Street Journal report. FinCEN receives about three million reports concerning suspicious activity every year.