Jun 29 2021
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.
New circumstances in which reporting entities may rely […]
May 26 2021
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 […]
May 21 2021
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 […]
Apr 08 2021
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 […]
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 […]
Feb 17 2021
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 […]
Feb 09 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 […]
Jan 21 2021
With regulatory pressure ramping up in Australia, a new partnership between Acuris Risk Intelligence and illion will deliver new opportunities for financial entities to tailor their AML CTF compliance program and avoid reputational risk.
With AUSTRAC’s recent $9m+ penalty enforced against Westpac in Australia, it is now clear that regulators are determined to make sure financial […]
Jan 19 2021
By Richard Atkinson, GM Consumer Product, illion
The Australian Competition and Consumer Commission has published its third set of amendments of the Consumer Data Right (CDR) rules which are required to underpin Australia’s emerging open banking system.
The amendments follow the release of a Consultation Paper by the ACCC in October 2020, where feedback was requested on […]
Dec 03 2020
New data released today by illion shows Australia’s economic recovery is starting to emerge, but with Sydney taking a clear lead over Melbourne.There has been a dramatic shift in spending habits from the beginning of the COVID pandemic (April) to October.
In April, Sydney’s share of spending in lower-income areas (Local Government Areas) bolstered the economy, […]