Oct 11 2021
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 […]
Oct 07 2021
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 […]
Sep 29 2021
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 […]
Aug 25 2021
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 […]
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 […]