Australia’s digital banking platform, Data Action, to boost AML compliance with Napier

RegTech Napier, a provider of advanced financial crime compliance solutions, has announced that specialist core banking and digital services provider Data Action will use the full Napier platform to strengthen its anti-money laundering defenses money (AML) and terrorist financing (CTF). serving the Australian alternative banking industry.

Napier’s advanced and integrated set of tools, including transaction monitoring, customer screening, risk-based dashboard, and review of customer activity, enable Data Action customers to continue to meet AML compliance obligations, while improving their ability to adapt and rapidly improve the detection and reporting of suspicious activity.

With over 30 years of experience, Data Action represents over $ 52.5 billion in client assets, supporting credit unions, mutuals, neobanks and other financial services organizations across Australia with its basic hosted banking services and digital banking solutions.

Justin Needham, Ancillary Systems and Lending Manager at Data Action, said: “As Data Action grew, it was increasingly difficult to adapt our AML / CTF systems to the changing business environment. regulatory environment. It was important for us to find an alternative solution that not only meets the current needs of our customers, but that will also ensure the sustainability of all of our systems as we continue to grow in an ever-changing regulatory landscape. So it made sense to invest in Napier’s complete, end-to-end platform to support our 3.2 million customer accounts.

Napier has a growing list of customers around the world, including leading banks, payment service providers, currencies, and cryptocurrencies. Napier’s presence in APAC was further strengthened earlier this year with the opening of a new base in Kuala Lumpur, adding to its offices in Australia, Singapore, UK, North America and to Dubai.

Robin Lee, Head of APAC at Napier, said: “Australia recently introduced stricter measures to strengthen the country’s AML and CTF rules, including reforms targeting customer due diligence, correspondent banking services, information sharing and reporting on cross-border payments. With that, it’s fantastic to see companies like Data Action look to our technology for enhanced controls so they can take the lead in AML compliance, which will give them a solid competitive advantage.

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Michael C. Sumner

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