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Mar 28 2022 
Russian sanctions and global supply chains
New Russian sanctions have serious implications for global supply chains
To mitigate legal risks, any businesses potentially exposed to Russian clients or suppliers should perform ad hoc sanctions screenings immediately, and be alert to the evolving situation.This involves checking that any individuals, organisations or third parties you are dealing with are not subject these new sanctions.
illion…
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Oct 28 2021 
FMA takes a tougher stance on anti-money laundering breaches
In its latest AML/CFT Monitoring Insights Report, published 1 August 2021, the Financial Markets Authority (FMA) announced it is stepping up enforcement of anti-money laundering breaches under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act).
Who’s the FMA?
The FMA is one of three supervisors under the AML/CFT Act, together with the Reserve… -
Oct 05 2021 
How technology can reduce your FX risk and improve processes
The world’s foreign exchange market is one of the most traded financial markets, with an average turnover of a staggering $6.6 trillion per day.
Within that market, the Australian dollar has a significant share of traded currencies, and is increasingly susceptible to fraud, AML/CTF and compliance risks.
Today, more than ever, the demand for faster and easier…
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Sep 22 2021 
New Zealand Government publishes guideline on Electronic Identity Verification (EIV)
Supervisors of the Anti-Money Laundering and Countering Financing of Terrorism Act (AML/CFT Act) have published a guideline which replaces the Amended Identity Verification Code of Practice – Explanatory Note (the Code) issued in December 2017.
The guideline provides further clarification to reporting entities on how they can use biometrics as a single source in the Electronic…
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Jul 28 2021 
The profound impact transaction risk scoring is having on credit risk management
Financial institutions hold a raft of data that shows both the financial state and spending behaviour of a depositor. This information is captured whenever there is an inflow or outflow of funds in a current account, overdraft, credit card, revolving personal loan or home loan.
While this data offers the capability to understand consumer spending behaviour,…
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Jul 28 2021 
New credit score reveals hidden risk
26 July 2021: Auckland, New Zealand: Leading data and analytics firm illion has developed an innovative new credit risk score based on key trends from income and expense transactions that have traditionally been hidden.
It is a new consumer risk score called the illion Transaction Risk Score (iTRS), and sits alongside illion’s existing Credit Risk Score.
“iTRS…
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Jul 14 2021 
illion gives data policy plan the thumbs up
12 July 2021: Auckland, New Zealand: Data and analytics firm illion supports the New Zealand Government’s decision to implement a new legislative framework to establish a consumer data right (CDR).
This is a new policy initiative which aims to allow consumers to access and share their data, giving them greater choice and control over how it…
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Jun 11 2021 
NZCU Baywide gains industry recognition for improved customer service
In the fast world of finance, time is money. Nobody understands this more than NZCU Baywide, who have utilised illion’s Application Process Interface (API) to slice through the time barrier, giving brokers instant access to automated loan application processing.
About
Previously, any loan submission had to be entered manually into NZCU Baywide’s loan decisioning portal – a… -
May 04 2021 
New DIA report shows many NZ businesses lack AML/CFT compliance
As financial crimes spread further throughout our globalised economy, regulators are cracking down hard on organisations that let their Anti-Money Laundering and Countering Financing of Terrorism compliance fall by the wayside.
Whether they hold large customer data sets or facilitate billions of payment transactions, these harsh and wide-ranging penalties for non-compliant businesses are enough to cripple…
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Apr 08 2021 
When the regulator comes knocking…
As the threat of money laundering and terrorism financing in Australia and New Zealand continues to evolve, maintaining visibility and ensuring you have sufficient information on your customer portfolio is vital.
With recent AML breaches from high profile financial institutions on both sides of the Tasman, regulators are now being far more active in investigating AML…
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