New partnership shines brighter light on money laundering and due diligence risks
PITTSBURGH, PA – June 21, 2022 – As the threat of money laundering and terrorist financing continues to evolve in Australia and New Zealand, maintaining visibility into and ensuring sufficient information in an organisation’s customer portfolio is vital.
To that end, FinScan, a global leader in AML consulting and compliance solutions has joined forces with leading Australasian data and analytics provider illion to deliver a best-in-class, integrated AML platform for seamless and efficient watch list screening and ongoing customer due diligence.
illion provides consumer and commercial credit registries that form an important element of the Australia and New Zealand financial ecosystem. The company leverages these registries, which contain data on over 25 million individuals and over 2 million commercial entities, to provide end-to-end customer management solutions.
By combining the accuracy and scalability of FinScan’s advanced sanctions, Politically Exposed Persons (PEP), and adverse media capabilities with illion’s existing suite of services, the partnership enables clients to automatically and securely screen customers and vendors against high-risk or sanction lists using the deployment method of their choice.
Richard Atkinson, Chief Product Officer at illion, commented on the new partnership, “With the spotlight firmly on identifying and stemming the flow of illicit finance through regulated industries – now more than ever, effective and comprehensive AML technologies will be key to staying on top of changing regulations. This collaboration will allow illion to provide locally managed, secure, and improved due diligence workflow processes through FinScan’s automated AML screening platform.”
Craig Robertson, FinScan’s managing director of the UK, EMEA, and APAC, said, “Sophisticated, proven automation is essential to enable regulated entities to step up their AML due diligence procedures in determining their customers’ legitimacy. Our collaboration with illion combines their regional expertise and focus with FinScan’s global reputation for providing the most advanced, data quality-driven AML screening technology. We look forward to delivering this comprehensive solution to our clients.”
FinScan is a global provider of advanced AML/KYC consulting and compliance solutions trusted by leading organizations around the world. Based on decades of expertise in data quality and AI-based data matching technologies, FinScan’s unparalleled accuracy helps minimize false positives while reducing the risk of missing true hits. FinScan’s comprehensive offerings include sanctions and PEP screening, UBO due diligence and screening, SWIFT/transaction screening and monitoring, ID authentication, and data enrichment capabilities. FinScan offers flexible deployment options including on-premise, SaaS and hybrid.
illion’s product and solution offering spans the full customer lifecycle, from lead generation and sales prospecting, to credit risk assessment and decisioning (including associated SaaS products), and ultimately, receivables optimisation. The company leverages its consumer and commercial credit registries, which can access data on over 25 million individuals and over 2 million commercial entities, to provide end-to-end customer management solutions.
VP Marketing Communications, FinScan