FiveBy Responds to an Increasingly Volatile Regulatory Environment with Risk Assessment Services

Small and medium-sized businesses can use the FiveBy Risk Assessment Services to help conduct due diligence and make informed decisions regarding potential clients and business partners, while staying within budget.

SEATTLE, Sept. 7, 2022 /PRNewswire/ -- There is an increase in the cost and complexity of adhering to anti-money laundering laws and sanctions in high-risk regions including in some lines of business.

The flood of new government sanctions issued on Russia enterprises, additional sanctions on international individuals, and efforts to address money-laundering and sanctions evasion, is driving a need for more robust compliance programs. Business complexity and expenses are increasing with more rigorous government enforcement of anti-money laundering, counter financing of terrorism (AML/CFT) and sanctions regulations.

Globally, financial institutions spend more than $200 billion on compliance processes each year, according to LexisNexis* research. New technologies and managed services are often costly, and existing compliance solutions rely on technologies that can soon become outdated. FiveBy responds to these challenges with customized Risk Assessment Services.

FiveBy built its Risk Assessment Services to provide expert analysis by experienced and certified threat finance professionals, engaged on-demand and in a case-by-case basis.

The FiveBy Risk Assessment Services:

• Empower clients who may not have the resources of a larger corporation to both maintain compliance with federal policies and to improve their internal risk mitigation strategies
• Provide the so-what analysis that helps make sense of raw data and highlight the risks associated with a potential client or business partner
• Track regulatory, geographical sanctions, political changes, as well as the evolving money-laundering and sanctions-evasion methodologies
• Help clients protect their business from abuse by maligned actors

With assessments scaled to customer needs, the FiveBy approach offers a high-value and flexible solution for businesses of all sizes.