Volkswagen Financial Services AG Enhances Compliance with LexisNexis® WorldComplianceTM Data
Customer Company Size
Large Corporate
Region
- Europe
Country
- Germany
Product
- LexisNexis® WorldComplianceTM Data
Tech Stack
- Batch Screening
- Real-Time Screening
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Application Infrastructure & Middleware - Data Visualization
Applicable Industries
- Finance & Insurance
- Automotive
Use Cases
- Regulatory Compliance Monitoring
Services
- System Integration
- Training
About The Customer
Volkswagen Financial Services AG supports the sales of all Volkswagen Group brands in 49 countries worldwide. The company leases 28% of all Volkswagen Group cars sold globally, including 57% of cars in Germany alone. The company is a significant player in the automotive finance industry, providing a range of financial services including leasing, insurance, and fleet management. With a strong focus on compliance and risk management, Volkswagen Financial Services AG ensures that its operations adhere to both local and international regulations. The company employs a dedicated compliance team at its headquarters in Germany, which oversees the implementation of compliance measures across its global operations.
The Challenge
Risk management is a core competence for the compliance arm of Volkswagen Financial Services AG. The team is focused on the development and implementation of appropriate methods, processes, and systems for all substantial risk categories. The headquarter in Germany employs nine people on their compliance team. Volkswagen Financial Services AG has used LexisNexis® WorldComplianceTM Data since 2007, which is utilized in 16 countries. The solution enables organizations to batch and real-time screen large customer databases. The company needed a solution to comply with a new law in Germany, the Geldwäschegesetz (German AML Act), regarding the screening of PEPs. The German AML Act established a requirement on businesses located in Germany to screen for PEPs. For a global business like Volkswagen Financial Services AG, the ease of use of multiple licenses was critical for success. Each country has its own AML officer and deputy. The headquarters in Braunschweig sets the guidelines, and the regional offices report back and provide risk analysis to the headquarters. The differences in local requirements are a challenge for a group-wide compliance structure. Although they have a group license for the LexisNexis® WorldComplianceTM Data solution, every branch and subsidiary have to ensure the screening is in compliance with both their local and group regulations.
The Solution
LexisNexis® WorldComplianceTM Data enables Volkswagen Financial Services AG to screen their full client database against PEP and sanctions lists. Within a few seconds, lists can be screened to find potential matches, providing an efficient means of conducting KYC. The solution is used across 16 countries, allowing for both batch and real-time screening of large customer databases. The ease of use of multiple licenses is critical for the success of a global business like Volkswagen Financial Services AG. Each country has its own AML officer and deputy, and the headquarters in Braunschweig sets the guidelines. The regional offices report back and provide risk analysis to the headquarters. The differences in local requirements are a challenge for a group-wide compliance structure. Although they have a group license for the LexisNexis® WorldComplianceTM Data solution, every branch and subsidiary have to ensure the screening is in compliance with both their local and group regulations. Ms. Koschnitzki, a compliance department attorney, has been delighted with the account support received. She recommends LexisNexis® Risk Solutions to other companies for their excellent support.
Operational Impact
Quantitative Benefit
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