Meeting the challenge of customer due diligence, controlling the cost of KYC at Aware State

Aware State requirements

Aware State is one of Australia’s largest profit-for-member financial services organizations providing members with a better financial future through safe and secure superannuation and quality financial advice. Aware State’s size enables them to invest in ways that make a positive impact on the economy, the environment and the communities in which their members live, work and retire.

As a lender, Aware State is regulated by AUSTRAC, Australia’s financial intelligence agency with regulatory responsibility for anti-money laundering (AML) and counter-terrorism financing (CTF). Before advancing loans, AUSTRAC requires that lenders perform robust Know Your Customer (KYC) and to do this they must have an established framework which details appropriate customer due diligence (CDD) and enhanced due diligence (EDD) procedures.

In order to meet their business objectives while remaining compliant with regulations, Aware State had to decide whether to outsource their KYC processing, or find solutions that would enable them to keep it in house.

The Encompass solution

Aware State recognised that Encompass would enable them to automate the data discovery and analysis of multiple global data sets, while providing them with the ability to easily manage operating costs for their Risk & Compliance team.

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