Show Me the Money – and Where It’s Going!

Posted by Richard Atkinson on Apr 17, 2018 3:37:00 PM

Anti Money Laundering

Dealing with money laundering is the new normal for Australian and New Zealand businesses. Last year alone, $4.5 billion was laundered in Australia.

That’s more than the total combined revenue of logistics magnate Linfox and Gina Rinehart’s Hancock Prospecting, two of Australia’s biggest companies. It’s a growing issue that costs around $150 million to process each year.

And it’s not just an issue for the big banks. Governments have placed mandatory obligations on 14,000 Australian and more than 1,000 New Zealand reporting entities that provide products and services including those provided by banks, non-bank financial services, remittance (money transfer) services, bullion dealers and gambling businesses.

This means reporting entities – big and small – are required to keep an up-to-date record of the information they hold on their customers, including their beneficial owners. This is a particularly significant challenge given the varied and complex ownership structures of private trans-Tasman companies, and the fact that that beneficial ownership can change (and frequently does) with changes of directors and/or shareholders. 

All Your AML Frequently Asked Questions - Answered

Many organisations want to do the right thing, meet their obligations and be ahead of the game with Anti-Money Laundering (AML) legislation, but it’s often difficult and unfamiliar terrain to navigate.

Which is where illion comes in. As Australia and New Zealand's leading data and analytics company, we know more about local businesses (incorporated and unincorporated) than any other bureau, and have world-class processes to collect, connect, enhance and maintain data – all underpinned by quality assurance checks.

illion partners with companies to ensure they’re compliant with AML legislation and provide assistance with:

  • Customer onboarding – identification and verification of individuals and non-individuals using independent, reliable data
  • Identification and verification of beneficial owners
  • Enhanced customer due diligence for high risk customers
  • Ongoing, risk-based record keeping and customer due diligence

There’s a lot to get your head around. It’s why we’re providing reporting entities in Australia and New Zealand with an AML Insights Solution

Topics: Anti Money Laundering