Anti-money laundering
Australasia Partnerships Trending

ClearView Bolsters AML Platform To Identify Anomalies in Customer Behaviour

Fraud and money laundering are global problems, and no country is exempt. Through partnerships, financial services can protect their data and money from criminals; ClearView, the Australian financial services company and Napier, the provider of anti-financial crime compliance solutions, have done just this.

Napier‘s AI-enhanced technology will enable ClearView to gain better insights into its customers and identify suspicious behaviour more efficiently while having complete ownership over its AML platform.

Napier’s Client Screening, Transaction Monitoring and Client Activity Review solutions have been designed to provide a holistic view of every customer so that compliance teams, with AI assistance, will more easily identify any activity that falls outside of typical customer behaviours and may be linked to money laundering activities. This sort of protection is needed as Clearview is a provider of life insurance and wealth management products, with over $289million of in-force life insurance premiums and $3.02billion of funds under management (FUM).

Alan Olcayto, Head of Compliance at ClearView, said, “As financial services become more complex, it is critical to have a solid and future-proofed AML platform for the most rigorous compliance. Napier’s solution has additional capabilities for when we need them, and the full managed service means huge savings in time and effort for our IT team.”

Napier already provides AML and counter terrorism-financing capabilities for Australia Post and is the trusted partner for other APAC-based financial organisations including Data Action and Qashier. Its presence in the region was further strengthened earlier this year with the opening of a new Kuala Lumpur base, adding to its offices in Australia, Singapore, UK, North America and Dubai.

Robin Lee, Head of APAC at Napier, said: “It’s incumbent on financial organisations to have the most robust regtech possible, which is where we come in. This is now not only a prerequisite for growth, it creates a competitive edge through enhanced trust. We’re delighted to be able to partner with ClearView on this.”

Author

  • Francis is a junior journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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