Innovation In Compliance With Tom Fox

How can companies comply and keep up with the ever-evolving anti-money-laundering rules and regulations? Today we welcome Jennifer McEntire, the director of Financial Crime Compliance Strategy at LexisNexis Risk Solutions, where they combine big data and use advanced technology and analytics to help customers comply with regulations, evaluate and predict risk, and enhance their operational efficiency. Today, Jen and I are talking about how this can apply to non-financial service corporations, and the four key findings of their recently released report. How can commercial companies begin to assess their money laundering risk?Look at your money laundering risk instead of your anti-money-laundering compliance risk. Check your policies on payments, invoicing, and refunds, and ask if you can be used as a vehicle for money laundering. If you’re a company that sells high-value items, do you have controls in place that require refunds to go directly to the person who purchased in the first place or can payment be dir