The Problem

Banks and financial services firms function in a globalized economy with customers who travel, live, and work throughout the world at the lightning speed of the Internet. In the face of an increasingly interconnected planet, money laundering is an ever-growing risk. Money launderers exploit the complexities inherent in the global financial system as well as differences among national laws. In the face of these threats, regulators have accelerated their scrutiny and penalization of banks and financial services firms, whose KYC and AML compliance efforts fall short. Heightened surveillance and regulation of the banking sector will only continue as money laundering intensifies globally.

Lumina’s Solution

Lumina has developed a suite of services dedicated to enhancing Know Your Customer (“KYC”) compliance efforts and combatting the risks of money laundering and terror finance. Lumina’s KYC Compliance suite grants access to the following four Databases:

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1.

Lumina’s Politically Exposed Person (“PEP”) Database, which includes Politically Exposed Persons and PEP affiliates from 243 countries and territories across the globe;

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2.

Lumina’s Debarment & Exclusion (“D&E”) Database, which includes 136 debarment, exclusion, and sanctions lists, issued at the state, federal, and international levels;

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3.

Lumina’s Anti-Bribery, Anti-Corruption (“ABAC”) Database, which includes case data for every Foreign Corrupt Practices Act (“FCPA”) case and every U.K. Bribery Act of 2010 case;

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Lumina’s Global Billionaires Database, which identifies and provides intelligence on high net worth individuals interested in doing business with your firm;

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Lumina’s Security Database, which is devoted to identifying individuals and entities, affiliated with, engaged with, or otherwise connected to international violent crime and/ or money laundering.

These Databases are updated continuously and in real time, ensuring the best possible risk mitigation. You can correlate the names of current customers against the KYC Compliance Suite for a full assessment of KYC risk across your network. You can also correlate the names of prospective customers for a quick determination of the degree and kinds of risk a prospective client will bring to your organization. Lumina clients receive real time alerts as risk is identified for fast, targeted action. With Lumina’s intelligence reporting, clients gain a comprehensive view of their organization’s risk profile and actionable intelligence for ongoing improvement of their KYC compliance efforts.

Features

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Lumina’s KYC Compliance Databases amass all publicly-available data related to PEPs and PEP affiliates, D&E risk, Global Billionaires, and individuals and entities with nexus to violent actors and money laundering, ensuring the best possible risk mitigation.

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Lumina’s KYC Compliance suite updates in real time, providing clients with the most relevant and timely information.

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Lumina Correlation Reports and Ecosystem Intelligence Reports provide detailed profiles of individuals and entities flagged within Lumina’s risk identification Databases. Furthermore, reports provide relationship maps for enhanced understanding of how flagged organizations and individuals are connected to and involved in your organization.

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Protect your sensitive data. Lumina asks that you simply provide the names of your customers. Our machine learning algorithms will not only check for the names submitted, but will further screen for nicknames and other possible name variations among the individuals and entities present within our KYC Compliance suite. Our Artificial Intelligence and trained Intelligence Analysts will process results without the need for social security numbers, addresses, or other sensitive data points.

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Run the names of individuals and entities within your network against all KYC Compliance Databases or scale your selection up or down depending on your organization’s needs and operations. It’s a quick and simple process.

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All Lumina reports are drafted in compliance with the Fair Credit Reporting Act (“FCRA”).

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All Lumina reports and correlation results will be archived in your secure Lumina24/7 client portal. Our data dashboards and reports allow for easy risk monitoring and provide you with actionable intelligence for enhanced company-wide risk management. Lumina24/7 is a fully auditable platform that tracks every step of analysis from the moment a name enters the system.

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Lumina can run names through its KYC Compliance suite continuously, ensuring no risk goes unnoticed as new data is integrated daily. Lumina will issue real time alerts as risk is identified. Alternatively, you can choose to run correlations annually, quarterly, monthly, weekly, daily, or on an ad hoc basis, depending on your preference or need.

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Lumina’s machine learning algorithms and trained intelligence analysts eliminate false positives without the need for further information from clients. Once names are correlated against our Databases, you will receive a robust intelligence report with detailed profiles of individuals and entities identified as true matches within our KYC compliance suite.

Know Your Customers Fully

With Lumina’s KYC Compliance suite, you will have access to the data you need to quickly assess for risk when bringing on a new client or setting up a new client account. You will have a robust suite of sophisticated technological tools to fully assess your organization’s KYC risk profile. With a comprehensive understanding of where your greatest KYC vulnerabilities lie, you can systematically eliminate KYC compliance risk from your network, avoiding costly penalties, heightened scrutiny, and reputational damage. Register today and see how our technology can enhance your KYC compliance efforts.

Register Today

Still Not Sure?

Here’s what our clients have to say about Lumina’s International Know Your Customer Compliance Solutions

"We open tens of thousands of client accounts a day. Lumina’s KYC Compliance suite provides us with the quick go/ no-go determination we need to effectively run our organization."

Vice President of Client Operations, Top 50 Bank

“Through Lumina, we have gained insight regarding our compliance blind spots. As a result, our compliance processes are stronger than ever. We love the product.”

Compliance Manager, Middle Market Hedge Fund