Provision of Sanctions Screening Service to FSCS by LexisNexis Risk Solution UK

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FSCS awarded a contract to LexisNexis Risk Solution UK for the provision of a sanctions screening service.

The solution batch screens payment transaction listings against prescribed sanction lists, including US, UK, and UN lists, prior to payment issuance.

It returns results in a batch file for CRM system updates, is configurable to filter potential matches based on pre-defined criteria, handles incomplete data such as missing date of birth or incomplete addresses, supports enhanced due diligence by providing beneficial ownership information for corporate entities, uses an efficient screening algorithm with a low false positive rate, and can handle fluctuating volumes up to a maximum of 2 million payment records within tight SLAs.

An optional service for first-stage review of potential matches to identify and eliminate false positives was also included.

The contract value is AUD 307,000.