meeting the challenge of customer due diligence, controlling the cost of know your customer
about First State Super
First State Super is one of Australia’s largest profit-for-member financial services organisations providing members with a better financial future through safe and secure superannuation and quality financial advice.
First State Super’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.
First State Super’s requirements
As a lender, First State Super 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) procedures.
In order to meet their business objectives while remaining compliant with regulations, First State Super had to decide whether to outsource their KYC processing, or find solutions that would enable them to keep it in house.
the encompass solution
First State super 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.
Fill out the form to find out more.
you might also like…
how to ensure KYC software implementation success
Scott Goodsir-Smyth, Head of Customer Success at encompass, outlines the steps businesses need to take to ensure successful implementation of new technologies.
AML compliance checklist: best practices for due diligence
A sound Anti-Money Laundering (AML) compliance programme does more than just check the boxes – it’s a fundamental aspect of ensuring business resiliency.