On 10th July, Mondo Visione carried a report from Lexis Nexis that said that 79% of financial services professionals utilise search engines to evaluate financial crime and regulatory risk. A survey of those responsible for the review of alerts generated by KYC and sanctions screening processes highlights a significant reliance on conventional search platforms which, it says, carry a number of limitations which could expose organisations to greater risk – for reasons detailed in the article. A quote refers to “a worrying dependency” upon search engines to determine the financial crime and regulatory risk of customers, who could pose a real threat to financial institutions as commercial search engines, for all their worth, are not designed with compliance in mind.
