Compliance, Risk & Due Diligence
Nexis Diligence+™︎: Taking Your Due Diligence to a Higher Level
When it comes to business, it’s important to have high standards—especially when evaluating risk and protecting your reputation. To do so requires a comprehensive due diligence process that’s powered by information that you can trust. And with so many other responsibilities to manage, it can be difficult to perform an appropriately thorough due diligence investigation on a short timeline. If you’re looking to bring...
Recent regulatory enforcement actions against alleged bribery and sanctions breaches show the rising risks of a failure of due diligence
Alleged compliance breaches have led to combined fines and settlements worth hundreds of millions of dollars in Q2 of 2023. Regulators have taken enforcement action against companies over their activities in jurisdictions spanning four continents. In this blog, we look at some of the most significant regulatory interventions in recent months and suggest how companies should retool their compliance approach to mitigate...
Wolfsberg Principles set the agenda for financial institutions’ compliance
New Wolfsberg Principles warn global banks of the risk factors that require Enhanced Due Diligence on a wide range of data The Wolfsberg Principles are widely regarded as authoritative guidance for how financial institutions should respond to the rising risks of bribery and corruption. New guidance has recently been released for the first time in six years. We unpack its main recommendations of risk factors which should...
ESG due diligence is no longer optional: major banks face investor calls for climate action
In the last month, some of the world’s biggest banks have faced votes from investors to improve their ESG and climate records. This is just the latest evidence that a growing proportion of shareholders, employees and consumers want to invest in, work for and buy from companies that can demonstrate a positive, ethical impact on the world. In this blog, we explain how Nexis® Solutions can help companies to retool their...
Navigating KYC in Crypto: Your Key to Secure Transactions
The Importance of KYC in Crypto The cryptocurrency industry has experienced tremendous growth in recent years, transforming the way people transact and invest in the financial markets. With a multitude of digital currencies, blockchain projects, and innovative use cases, the crypto landscape continues to evolve at an astonishing pace. However, this rapid expansion has also attracted malicious actors, necessitating the...
The urgent challenge of understanding third party environmental impacts
New report shows the urgent challenge of understanding third party environmental impacts and the opportunity of effective due diligence Only 5% of the UK’s largest companies have published a ‘credible’ environmental plan that would comply with forthcoming regulations, according to a new report. This stark statistic shows the difficulties facing compliance officers seeking to assess the ESG impact of third parties and...
Stay Updated: Money Laundering Regulations Explained
What are the Money Laundering Regulations in the UK? Money laundering is a significant global issue that threatens the stability and integrity of financial systems. The UK has established comprehensive anti-money laundering ( AML ) regulations to combat this growing threat. Here, Nexis Solutions UK provides an overview of the UK money laundering regulations , who oversees said regulations and how LexisNexis can help...
Examples of Money Laundering Techniques
Examples of Money Laundering Schemes Learn how to protect your organisation from common examples of money laundering as we explore the world of money laundering techniques , uncovering the many methods used by criminals to hide their illegal profits. From simple acts like smurfing to the elaborate schemes of cyber laundering, Nexis Solutions UK delves deep to provide a thorough understanding of these deceptive practices...
Stark reminder of the costs of compliance failure as US regulator fines telecoms firm after alleged Deferred Prosecution Agreement breach
A multinational telecommunications company has pleaded guilty to breaching the anti-bribery provisions of the US Foreign Corrupt Practices Act and must pay a $206 million penalty. In this blog, we look at the judgement by the US Department of Justice, and highlight the legal, financial, reputational and strategic risks of a compliance failure. We also outline how Nexis® Solutions can help companies to improve their due...
Mastering KYC Documentation: Essential Guide for Compliance
Required Components of KYC Documentation When dealing with many types of organisations, it is essential to comply with the Know Your Customer (KYC) requirements. KYC documentation consists of several documents that are used by businesses to verify their customers’ identity, assist in preventing frauds and protecting both themselves and their customers. Knowing all the components required for KYC documentation can...
AML & KYC: Navigating Through the World of Financial Regulations
How are AML and KYC Related? When it comes to financial security, Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have become a key part of the global compliance landscape. But what exactly do these two financial safeguards mean? What’s the difference between them? And why are they both essential for businesses dealing with protected funds? LexisNexis addresses all of your questions about AML and...
Unlocking Compliance Rules & Regulations for Businesses
Rules & Regulations of the Compliance Landscape: Best Practices in Compliance In today's increasingly regulated business environment, organisations have to stay ahead of the ever-growing compliance landscape. It is essential for businesses to ensure they are not only meeting all relevant regulations but also that they are taking appropriate steps to ensure their practices remain compliant going forward. LexisNexis outlines...
Inside UK's Financial Intelligence Unit: Safeguarding Economy
The UK’s Financial Intelligence Unit The UK Financial Intelligence Unit (UKFIU) is an essential organisation, offering vital intelligence about terrorist financing, money laundering and other activities that could impact businesses and other aspects of the finance landscape. Understand what the UKFIU does, how it helps combat economic crime in the UK and how you can use its resources to protect yourself from risks in...
Understanding Types of Financial Crime: A Comprehensive Guide
Common Types of Financial Crime Financial crimes, such as tax evasion, money laundering and embezzlement, can have serious consequences for individuals, businesses, and corporations alike. There is an array of illegal activities that can be considered financial crime. In a broad sense, the term refers to any act involving deception or dishonesty for financial gain. Unfortunately, these criminal acts remain common due...
Round up of recent major fines for alleged compliance failures – and how companies can mitigate this rising regulatory risk
Over the past few months, companies from a wide range of jurisdictions and industries had to pay hundreds of millions of dollars in fines for alleged failures of compliance and due diligence. In this blog, we dive deeper into some of these enforcement actions and draw out lessons companies can learn to mitigate the legal, financial, reputational and strategic risks of a regulatory breach. We also explain how Nexis Solutions...
3 Ways that Timely, Third-Party Data Helps Manufacturers Identify Supply Chain Red Flags Faster
Supply chain risk is not a new phenomenon, but it has certainly intensified. As the pandemic began its global spread in early 2020, 94% of Fortune 1000 companies reported supply chain disruptions . Today, global supply chains continue to flounder, earning a spot on the 2022 Davos Agenda and in the minds of procurement and supply chain leaders worldwide. Improving visibility into potential supply chain risk is a must,...
2023: Be on the front foot of risk management
Change is one of the few constants in our “unprecedented age”. It has afforded a great deal of improvement in the professional world. However, it has brought with it increased complexity, risk and requires businesses, more than ever, to be on the front foot of innovation. Specifically, operations must be regularly reviewed and enhanced to bring them in line with compliance legislation and good working practice. While...
Building a Case for PESTLE Risk Monitoring—Forecast environmental risk more accurately
Our series on PESTLE risk monitoring concludes with an exploration of the “E” risk—Environmental—and the diverse ways in which it impacts organisations. “Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” Those words, spoken by President Theodore Roosevelt more than a century ago, still hold true today. But ‘control’ doesn’t equate to eliminating risk—an impossibility...
Building a Case for PESTLE Risk Monitoring— How to avoid legal pitfalls in your business and supply chains
Regulations and laws are the essential components of ensuring a level playing field for businesses and societies, and they affect every business. The legal factors which affect businesses can both negatively and positively impact on how a company operates and how it is managed, regardless of the country in which it is located. Regulatory risks, which can impact profit, reputation and business success, can occur even...
COVID-19 and global risk management: What we can see from the data?
The novel coronavirus, or COVID-19, has already changed society. As governments worldwide struggle to adapt to the new reality, they are introducing measures aimed at preventing the further spread of the virus and increasing the resilience of their public healthcare systems. But with more than 2.5 billion workers and consumers on virtual lock-down, COVID-19 is also having an enormous impact on the global economy, disrupting...
Behind Every Flag: Third Party Due Diligence for Shipping
Over the last decade regulatory pressures requiring companies to carry out third party due diligence have primarily focussed on compliance across three areas; anti-bribery and corruption, anti-money laundering, and sanctions regulation. The shipping sector is particularly vulnerable to bribery and corruption risk with instances of companies engaging government officials, such as custom authorities, where there might...
Managing compliance in high risk industries and countries
Risk management and legal compliance are serious issues for all businesses. A tightening of regulation - and the fear of negative publicity as a consequence of perceived unethical conduct - has placed such issues into sharp focus. Nowhere is this risk more acute than in the oil, gas and extractives markets. Out of the 9 Foreign Corrupt Practices Act corporate actions by the US government last year, three involved...
There are more slaves today than EVER before in the history of the world
In October, there were 615 UK media articles recognised by the LexisNexis Human Trafficking Awareness Index data model . That compares with only 439 in September, representing a 40% increase. To better understand what's behind this rise, a quick look at the data through Nexis Analyser shows a significant peak of reporting during Week 42 (October 13, 2014 – October 19, 2014). During this week there were several articles...
How PESTEL analysis can bring a bigger picture of your firm's external environment
PESTEL (political, economic, social, technological, environmental and legal) analysis is a strategic tool for understanding the macro-environmental factors that companies have to take into consideration when conducting analysis or market research. PESTEL analysis provides a framework for organisations to better understand their future business landscape through opportunities in market growth, especially when a firm is...
Barclays record FCA fine highlights need for third party due-diligence
The recent news of Barclays £72 million fine for failing to conduct the appropriate checks on Politically Exposed Persons (PEPs) is a blunt reminder that organisations must make sure due diligence processes are followed by all employees. FCA fines of this nature could well be the first of many. As we noted in our blog – Reputational risks are greater than ever for brands associated with slavery – earlier in March, '…...