Australian finance, insurance and banking corporation Suncorp has implemented Arctic Intelligence’s AML and CTF solutions.
Through the deal, Suncorp is implementing the AML Accelerate solution of Arctic in order to support the Suncorp Designated Business Group (DBG), enterprise-wide AML/CTF risk assessment.
In working together, the financial institution was looking to replace its current risk assessment tools, which are manually run. It chose Arctic following an investigation of various similar solutions and found it could manage the DBG members’ money laundering and terrorism financing risks separately at both an entity and enterprise level.
By deploying Arctic’s AML Accelerate solution, Suncorp is able to monitor the designated business group and its members in the same risk assessment, generate an enterprise-wide risk assessment rating, improve understandings of context and vulnerabilities against different financial crime risks, and build a full audit trail by recording the risk narrative and decision-making methodology against appropriate risk factors, risk categories and risk groups.
The AML solution also helps to document and assess the efficiency of mitigating controls and keep a record of AML policy standards which can support risk decisions and management. In addition to this, the platform lets Suncorp allocate individual risk ratings to each customer type, business, product, channel and jurisdiction.
This is just the latest company to implement the Arctic Intelligence solution over the past month. Australian life insurance firm TAL recently deployed the AML Accelerate solution to give its employees the ability to access what they need digitally and streamline processes.
Last year, Ascent was selected for the RegTech 100, for a second year in a row. The list compiles all the RegTech companies every financial institution should know about in 2019.
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