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Oct 11 2021 Understanding partial CCR account data
We have recently announced that Optus is the first company to provide partial CCR account data to credit bureaus.
As partial CCR data does not include a customer’s repayment history, its important credit providers understand how to interpret the data.
In light of this, we would like to explain exactly what this data represents and how it…
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Oct 07 2021 How technology can reduce your FX risk and improve processes
The world’s foreign exchange market is one of the most traded financial markets, with an average turnover of a staggering $6.6 trillion per day.
Within that market, the Australian dollar has a significant share of traded currencies, and is increasingly susceptible to fraud, AML/CTF and compliance risks.
Today, more than ever, the demand for faster and easier…
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Sep 29 2021 Fraud and money laundering remain a problem for NBLF sector
AUSTRAC has released a risk assessment of the Non-Bank Lending and Financing sector (NBLFs).
This insightful report has confirmed AUSTRAC’s overall assessment of the money laundering and terrorism funding risk for NBLFs as medium, however specific risks that need to be considered are identified.
The main threat faced by NBLFs is fraud, particularly loan application fraud, identity…
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Aug 25 2021 Australia moves on human rights – Are you exposed?
For more than half a century, the United Nations Universal Declaration of Human Rights and other widely endorsed conventions have established a global framework for promoting respect for human rights.
Despite these worthy initiatives, the ability to deter human rights violations and enforce international accountability for those responsible for such abuses, have proven to be significant…
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Jun 29 2021 AML spotlight burns brighter
New reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act have now come into effect.
According to AUSTRAC, the reforms aim to streamline compliance and help protect business from money laundering, terrorism financing and other serious crimes. Customer identification procedures are a key feature of the changes.These include:
New circumstances in which reporting entities may rely…
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Jun 29 2021 CargoWise credit risk functionality enhanced through partnership with illion
Data and analytics company illion has partnered with WiseTech Global, leading developer and provider of software solutions to the logistics industry globally, to provide state-of-the-art credit reporting services through WiseTech’s leading logistics platform, CargoWise.
illion is the leading independent provider of trusted data and analytics products and services in Australasia. The company’s consumer and commercial bureaus…
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Jun 09 2021 Charging the dead for life insurance
Media reports have again surfaced about financial services firms ending up in court because they have been charging deceased customers for advice or insurance cover they did not receive.
The issue was first raised sensationally back in 2018 when the Hayne royal commission hearings found that big banks and financial institutions were charging a ‘fee for…
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May 26 2021 Open banking’s first major credit innovation
Approved deposit taking institutions (ADIs) hold a raft of data that shows both the financial state and spending behaviour of a depositor. This information is captured whenever there is an inflow or outflow of funds in a current account, overdraft, credit card, revolving personal loan or home loan.
While this data offers the capability to understand…
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May 21 2021 New score accelerates rollout of open banking
19 May 2021: Sydney, Australia: Leading data and analytics business illion has accelerated the rollout of open banking in Australia with the launch of an innovative new transaction score.
illion’s data scientists have unlocked new insights into consumers’ credit risk behaviour, based on key trends from income and expense transactions that have traditionally been hidden.
“In a…
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Apr 08 2021 When the regulator comes knocking…
As the threat of money laundering and terrorism financing in Australia and New Zealand continues to evolve, maintaining visibility and ensuring you have sufficient information on your customer portfolio is vital.
With recent AML breaches from high profile financial institutions on both sides of the Tasman, regulators are now being far more active in investigating AML…