Established and proven process for successful AML compliance risk management programs

Anti-Money Laundering Challenge

Money laundering, international trade sanctions, bribery, corruption and modern slavery. In our globalised digital economy, it is becoming increasingly difficult to prevent criminals from using sophisticated money laundering schemes, despite the best efforts of law enforcement bodies.

These are enormous challenges for Australia’s ~16,000 businesses who are required to ensure the billions of transactions they process every year meet strict Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) guidelines. Failure to correctly identify possible money laundering activity has consequences for any Australian businesses involved in financial services, foreign exchange, gambling or credit contracts.

For example, in 2017 Tabcorp was fined $45 million for AML failures, only to be topped by CBA’s $700 million in 2018, which in turn was surpassed by 2020’s eye-watering $1.3 billion fine for Westpac. Creating a fully compliant AML and CTF solution for small and large businesses is often seen as a trade-off between cost, customer experience and time.

It does not have to be. illion can help.

We have a range of solutions that enable our customers to be fully compliant, while automating significant elements of the process to provide a timely, cost-effective, customer-focused outcome.

Solution

illion’s partnership approach is characterised by our best in class data services and onsite practical consultancy, to provide our customers with a range of options and recommendations across:

Customer On-boarding

Ongoing Monitoring

Remediation and Cleansing

Key Benefits

Easy to use

Our digitised and automated onboarding systems reduce manual processes and focus on high-risk customers where enhanced due diligence is needed.

Accuracy

We correctly verify customer identities and validation, including the Ultimate Beneficial Ownership (UBO) of complex company structures.

Customised

Our iterative and consultative approach provides our customers with a range of options and recommendations, to deliver a successful AML compliance risk management program.

Automated alerts for suspicious behaviour

We have the ability to dynamically alert you to changes in individual and non-individual customer data profiles, as part of our “ongoing customer due diligence” framework.

Reduces false positives

Our PEP and International Trade Sanctions screening and review capability minimises false positives, through our partnership with Acuris Risk Intelligence and Innovative Systems (FinScan).

Our Product Line

ID and Fraud

illion’s ID, Fraud and AML capability can help you verify a new customer’s identity and detect and prevent fraudulent activity using a range of specialty products.

This will help you meet your AML/Counter Terrorism Financing (CTF) obligations and detect, prevent and safeguard against fraudulent activity.

illion green ID

illion greenID is an online verification and Anti-Money Laundering (AML) service that accurately verifies customers in real-time, using a range of government, public and proprietary data sources, to match name, address and date of birth details.

In addition, our Biometric solution allows you to capture and use an ID document and facial recognition for real-time identity verification.

Deceased Data Wash

illion can help you reduce the likelihood of fraudulent activity with a deceased data wash.  Our data set is taken from the only official source of deceased data in Australia, and with our Batch Wash solution we can check your customer base against 2.5 million records, updated daily.

Our data has 100% coverage across Australia, including all Australian states and territories (except the ACT).

AML Remediation

AML obligations require companies to undertake ongoing due diligence checks on existing customers to ensure the information they hold on them remains accurate and up to date.

This applies to both consumer customers and corporate clients.

How we can help:

illion’s AML experts can perform an assessment of your existing on-boarding and in life processes, including customer due diligence, enhanced customer due diligence and ongoing customer due diligence.

We can recommend potential enhancements to your existing processes that can be made using our products and services.

We can also help you clean and update your customer book by identifying, verifying and screening your existing individual and non-individual customers seamlessly, using a number of our exclusive data sources.

Beneficial ownership resolution

illion provides a comprehensive Know Your Customer (KYC) solution that allows you to correctly identify the true owners involved in corporate structures.

Efficient and easy-to-use, illion Simple KYC is a business process management solution that harnesses the potential of machine-learning algorithms, to identify the Ultimate Beneficial Owner (UBO) and take the hassle out of onboarding new corporate customers.

This gives you confidence to meet your legal or regulatory requirements and truly understand who is behind the business with whom you are dealing.

Key features:

  • Automated verification of data using illion’s unique commercial data and authorised third-party databases, such as ASIC
  • Automated identity verification of Beneficial Owners and Directors, using illion greenID
  • Visualisation of complex structures
  • Significantly improve speed & cost of on-boarding clients.

Explore our solution here

PEP and Sanctions Screening

Measure your risk at all time with a comprehensive database of Politically Exposed Persons (PEP), sanctions, law enforcements, and adverse media.

When it comes to watchlists screening, saving time and quickly identifying high risk customers or third parties is the key.

illion’s complete suite solutions are dedicated to help you reduce manual processes at onboarding and be informed of any changes in time.

We can help preserve your company against reputational damages and screen your customers and third parties against adverse media to detect risk of corruption, modern slavery or other ethical issues.

Key features:

  • Extensive watchlists
  • Low false positive rates
  • Adverse media monitoring
  • Complete suite of solution Cloud and Hosted solution
  • Includes an intuitive web portal and API
  • Seamless integration with decision-making software.

Partnerships:

 

 


Our team

Steven Deglas

General Manager - Consumer Risk and AML

Steven Deglas

General Manager - Consumer Risk and AML

Steven is an experienced and self-starting financial services product professional. He has broad experience in credit risk, foreign exchange, domestic and cross border payment eco-systems including faster payments, Global ACH Clearing and SWIFT. Steven has vast experience across 4 continents in Consulting Company, Global Banks, and Fintech organizations. Steven joined illion in July 2019.

Peter Chan

Solutions Specialist – Fraud, ID and AML

Peter Chan

Solutions Specialist – Fraud, ID and AML

With over 10 years in product management and solution consultancy, Peter has assisted a number customers across banking & finance, gaming, telecommunication, BNPL industries meet their AML/CTF obligations and business driven KYC requirements. Peter has held a number of roles over the years including data operations, product management across various consumer risk portfolios before becoming a solutions consultant specialising in fraud and ID verification. Peter joined illion in February 2009.

Simo Buzanin

Risk Solutions Specialist – AML/CTF, ID Verification and Fraud

Simo Buzanin

Risk Solutions Specialist – AML/CTF, ID Verification and Fraud

Simo Buzanin is an accomplished AML/CTF, ID Verification, and Fraud Solutions Specialist, who is highly regarded for his broad-ranging expertise across risk and compliance. He holds a Graduate of Institute of Company Directors (GAICD) and has demonstrated his ability to deliver exceptional outcomes for some of Australia's leading companies. Simo's in-depth knowledge of the industry, coupled with his comprehensive understanding of the regulatory environment, has enabled him to develop and implement effective risk management strategies that have successfully mitigated risks and ensured compliance. His exceptional skills in AML/CTF and fraud prevention have been honed through years of experience in the industry, making him a trusted advisor to his clients. Simo's unique blend of skills and qualifications has made him an invaluable asset to any organization seeking to maintain a strong focus on risk management, compliance, and fraud prevention.

To access a broader range of illion’s thinking on AML and other topical issues click here.

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