Enhanced Compliance &
Regulatory
Adherence

Enhanced Customer Due Diligence (ECDD)

Conducting thorough due diligence helps prevent financial crime by focusing on detailed background checks and supply chain management. Investigating financial histories, affiliations, and potential red flags ensures that businesses adhere to high standards of integrity and regulatory compliance, such as AUSTRAC. Enhanced background data or reports provide detailed information, including a person’s or businesses financial statements and legal issues, which are crucial for making informed decisions about them. Continuous monitoring maintains ongoing assessments to detect and address any changes in risk profiles, thus ensuring a proactive approach to risk management.

Sanctions & Adverse Media Screening

Implementing sanctions and adverse media screening is critical to avoid business with high-risk individuals and entities. Regular updates from major regulatory bodies, such as the UN, EU, and OFAC, ensure compliance with sanctions lists. Monitoring adverse media for negative information about potential clients helps mitigate risks by identifying and addressing potential threats early. Automated sanctions checks and AI-driven negative news monitoring further enhance the screening process, providing an additional layer of security and risk management.

Politically Exposed Persons Regulatory Guidance (PEPs)

Identifying and managing relationships with Politically Exposed Persons (PEPs) is crucial due to their higher risk profiles. PEPs include high-ranking public officials and their close associates, who require enhanced due diligence involving stringent measures to monitor and manage associated risks. AUSTRAC guidelines ensure compliance with AML/CTF laws by mandating customer identification and verification procedures, as well as continuous monitoring and assessment of customer relationships. This comprehensive approach ensures businesses remain compliant and vigilant against financial crime.

Transaction & Ongoing Monitoring

After the initial onboarding, continuous monitoring is essential to ensure ongoing compliance and risk management. Our ongoing monitoring services alert your organisation if a customer becomes a Politically Exposed Person (PEP) or appears on any sanctions list. Additionally, we provide Transaction Monitoring Services and continuous updates on key account information, particularly when a customer’s details change. This proactive approach allows businesses to swiftly address potential risks and maintain a high level of vigilance in their financial crime prevention strategies. Automate with us and be alerted immediately when something looks ‘suspicious.’

Identity & Document Verification

Implementing robust identity verification processes prevents fraud and ensures authenticity. Real-time verification instantly validates identity documents and provided data, offering immediate assurance of authenticity. Advanced identity verification methods, such as document authenticity analysis, improve accuracy and reliability, thereby reducing the risk of identity fraud and bolstering overall security measures. This comprehensive approach not only enhances the reliability of customer identities but also fosters trust and security in financial transactions, protecting both businesses and their clients from potential fraud. Access to diverse and trusted data source are crucial.

Digital Onboarding Supporting KYC (Know Your Customer)

Streamlining customer acquisition while ensuring compliance and reducing risk is achieved through digital onboarding solutions. Efficient onboarding processes enhance the customer experience with seamless digital procedures, facilitating quick and secure customer onboarding. Compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations is ensured through automated data capture and intuitive user interfaces. These features not only improve customer satisfaction but also significantly reduce abandonment rates, making the onboarding process more effective and customer friendly.

Find out how we can help your organisation

Document Verification

Document Verification

Utilise our system for instant, accurate verification of Australian identity documents, such as but not limited to;

  • Driver’s Licenses
  • Passport
  • Birth Certificates and various other Government issued documents

Fast and secure Document Authenticity that is available in both SaaS and API.

Document Verification Service (DVS)
Identity Data Verification

Identity Data Verification

Strengthen your defences against identity fraud while meeting AML and CTF requirements with our verification solution.

Identity Data Verification
AML Screening

AML Screening

Ensure AUSTRAC compliance through our efficient AML/CTF data solution, simplifying risk management and detection.

AML/CTF
FREQUENTLY ASKED QUESTIONS

Common Questions About Financial Crime Management

Discover how our comprehensive financial crime management solutions can safeguard your business and ensure AUSTRAC compliance. Learn why our advanced tools and strategies for identity verification, customer onboarding, and fraud prevention make us the trusted choice for Australian businesses committed to regulatory compliance and security. Explore our innovative approach and see why we lead the industry in protecting your operations against financial threats.
What Should I Know About AUSTRAC Regulations?

AUSTRAC mandates that firms implement internal AML/CFT programs with policies and procedures to mitigate financial crime risks, including KYC and customer due diligence (CDD). Suspicious activities must be reported via Suspicious Activity Reports (SARs) to AUSTRAC, and transactions involving $10,000 or more must be reported automatically. Firms are required to maintain AML/CFT records for at least seven years, ensuring their availability to law enforcement agencies upon request.

What is an AML/CTF Program and why is it important?

An AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) program is a set of procedures and policies designed to identify, mitigate, and manage the risk of financial crimes. It ensures compliance with regulatory requirements and helps protect businesses from potential legal and financial penalties. We can support you with our data and tech solutions.

How often should our AML/CTF Program be independently reviewed?

Your AML/CTF program must undergo an independent annual review to maintain its effectiveness and compliance with current regulations and industry standards. Regular reviews are crucial for adapting to evolving threats and requirements. Contact us to explore our automated solutions designed to support and streamline your mandatory compliance efforts.

Why is ongoing monitoring essential after initial onboarding?

Continuous monitoring is crucial to ensure ongoing compliance and risk management. It alerts organisations if a customer becomes a Politically Exposed Person (PEP) or appears on any sanctions list. Additionally, it provides updates on key account information, particularly when customer details change, allowing businesses to swiftly address potential risks. We also assist with Transaction Monitoring, a necessary AUSTRAC requirement.

What factors determine a customer as ‘high risk?’

Customers are considered high risk if they are identified as Politically Exposed Persons (PEPs) or appear on the DFAT sanctions list. Additional factors may include the nature of their business activities, geographical location, and transaction patterns. Alerts for suspicious transactions generally expose high risk persons.

What is Enhanced Customer Due Diligence (ECDD) and when is it required?

Enhanced Customer Due Diligence (ECDD) involves more detailed checks and ongoing monitoring for customers or transactions that pose a higher risk of money laundering or terrorism financing. ECDD is required for high-risk customers, such as PEPs, and in cases where suspicious activities are identified.

What happens if a customer fails the onboarding process?

If a customer fails the onboarding process, we provide detailed information regarding the failure and the necessary data for the client to investigate further. We also offer supporting data solutions that can be screened or accessed to assess the failure in more depth. Contact us to learn more about our supporting solutions we provide, that unmasks the PII to assist in the onboarding failure.

What specific criteria trigger alerts for changes in customer status?

Generally, most clients have their own triggers or alerts that they want us to monitor and notify them about. However, as a general rule, customers identified as Politically Exposed Persons (PEPs) or those appearing on the DFAT sanctions list would trigger an immediate alert. We have in excess of 20 basic rule alerts that are generally leveraged at a basic and immediate level.

What are the procedures for managing customers who become PEPs or appear on sanctions lists?

Our automated and investigative solutions simplify this crucial process. Initially, we verify whether your customer is accurately identified as a PEP or is on a sanctions list. Additionally, we ensure adherence to AUSTRAC’s reporting and compliance requirements. Our clients benefit from access to comprehensive data solutions that aid in thorough investigations before any potential customer is flagged and notified to AUSTRAC.

I have more questions!

We recognise that every business has unique needs and screens customers using different alert rule sets. Ongoing and transaction monitoring are critical AUSTRAC requirements that we take very seriously. At Global Data, we are committed to providing tailored solutions and are available to discuss and deliver bespoke or customised monitoring solutions to meet your specific requirements.

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