FINANCIAL SERVICES PROFESSIONALS MAY BE EXPOSING BUSINESSES TO RISK BY OVER-RELIANCE ON SEARCH ENGINES

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.

http://www.mondovisione.com/media-and-resources/news/four-in-five-financial-services-professionals-could-be-exposing-their-organisati/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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