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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 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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Jan 21 2021 
illion and Acuris Risk Intelligence join forces to deliver a powerful AML/KYC compliant solution.
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 […]
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Jan 19 2021 
ACCC misses the opportunity to fine-tune open banking Rules
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 […]
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Dec 03 2020 
New real time data shows buds of economic recovery
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, […]
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Nov 25 2020 
Open banking – illion advocates for a less prescriptive approach
By Jarrid Ohanessian, GM illion Open Data Solutions
The ACCC has recently published the latest set of feedback on further changes to the Consumer Data Right (CDR) rules which are part of Australia’s emerging open banking system. These changes are aimed at making CDR data more widely available, with lower barriers to entry.
As Australia’s oldest and […]
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Nov 23 2020 
Why it’s time to rethink risk management in your business
COVID-19 has had a profound impact on businesses across many sectors. Profits and balance sheets have taken a hit. Consumer spending has stalled. Even the office itself isn’t what it used to be.
And let’s not forget risk. Not only is it on the rise, but the goal posts have changed, leaving many businesses scrambling for […]
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Nov 12 2020 
Open banking and the Consumer Data Right (CDR) – what are the benefits for lenders?
The first phase of open banking is well and truly live in Australia. With the Consumer Data Right (CDR) introduced in July 2020, consumers can now share their banking data with third party institutions such as other banks, credit unions, fintechs, online lenders and money management apps.
There are obvious benefits for consumers, but open banking […]
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