As part of AUSTRAC Customer identification and verification obligations, Financial Institutions must identify any customers present on several, centralised-Government managed and issued customer listings. ​

Historically, organisations would meet this obligation by providing a significant volume of customer-sensitive data to an external party, who would assess the data and provide potential findings back to the organisation. ​

This presented not only a significant data security risk to organisations but also, an inability to keep pace with a rapidly changing political climate, such as the sanctions that were imposed due to the conflict in Ukraine.

Heavily regulated industries are required to monitor for financial crime and other related activities as a part of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF). This includes activities such as transaction monitoring, fraudulent behaviour and screening of customers on a regular basis. Our client, a large superannuation fund, wanted a way to securely manage their fraud prevention and transaction monitoring.