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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…
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Mar 23 2021
The future of Consumer Risk: alternative data sets and the challenge of digitisation.
On the surface, evaluating consumer risk may seem simple – we’re assessing the creditworthiness of our customers. An accurate assessment will help deliver a more predictive picture, so where we concentrate our focus on what really matters. But why do we assess consumer credit risk, and how might this change in the future? It turns…
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Mar 03 2021
The big open banking decision – should your organisation go it alone, or is a third party the way to go?
With the Consumer Data Right (CDR) now live, customers can share their banking data with third party institutions such as banks, credit unions, fintechs, online lenders and money management apps. This is open banking, a regulated way for consumers to share their data, giving them greater control and encouraging widespread competition. It’s likely that by…
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Feb 17 2021
PEP & Sanctions Q&A
illion recently hosted an insightful PEP & Sanctions webinar for clients.
Richard Atkinson, illion’s GM Consumer risk and AML, was joined by Nick Parfitt, Head of Market Planning at Acuris, and Neil Marshal, Partner Manager at FinScan – both UK-based organisations.
Here are some of the key questions that were discussed during the presentationThere are really three…
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Feb 09 2021
Three key AML updates for 2021
According to The Australian Financial Review, Australian banks were fined a whopping $1.3bn last year – mostly for breaches of anti-money laundering (AML) and counter-terrorism financing (CTF).
As well as indicating the regulator’s enthusiasm for pursuing violations and doing all that is within its means to curb criminal behaviour, the fines show many reporting entities are…
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