GBG solution launches in Australia to help customers meet AML regulations

Carol Chris, Regional General Manager, Australia & New Zealand at GBG

GBG, the global experts in digital identity, helping businesses prevent fraud and meet complex compliance requirements, has launched its compliance offering, GBG Compliance Platform, in Australia. Bringing fraud prevention and AML into a single platform, GBG’s solution has everything businesses need to meet AML regulations, minimise fraud and fight financial crime.

What does the expansion mean for Aussie firms?

As fraudsters and money launderers are getting more sophisticated, organisations’ technical capabilities to address financial crime threats are not keeping pace with criminals. Companies struggle to strike the right balance between battling fraud and complying with AML regulations while still providing a frictionless customer experience and keeping operational costs low.

As a global market leading solution, GBG’s sophisticated platform helps organisations address fraud prevention and anti-money laundering compliance with a holistic approach known as FRAML or convergence. GBG’s Compliance Platform enables operational and cost efficiencies, allowing organisations to reinforce and focus resources on fraud defences effectively.

Carol Chris, Regional General Manager for ANZ at GBG, explained, “Criminals are continuously looking to take advantage of vulnerabilities, especially where new technologies, systems and processes are rapidly adopted. GBG Compliance Platform uses a no-code fraud rules builder, which provides organisations with the flexibility to adapt their rules to meet the complexities of evolving regulatory mandates, while staying agile against ever-changing financial crime.”

Global economic factors like inflation and rising interest rates have driven the need for short term credit and refinancing of assets. To support this increasing demand, businesses have needed to accelerate the way they support clients by rapidly evolving digital service channels.

As businesses need to adapt to changing economic circumstances, regulatory requirements, and customer expectations, GBG Compliance Platform enables organisations to fight financial fraud and manage AML compliance with the confidence to keep moving forward.

What is the product offering of GBG’s solution?

GBG’s patented digital identity tech, eDNA, leverages machine learning and statistical analysis to detect suspicious behaviour, with high accuracy. It also enables firms to use previously identified false positives to stop future misleading alerts on the same individual, making it easier to quickly detect between the genuine, trusted customers and the bad actors.

The GBG Compliance Platform’s Transaction Monitoring capabilities enable firms to identify suspicious behaviour as it happens with real-time monitoring based on configurable rules, delivering a dynamic, risk-based approach to fraud detection and efficient AML compliance.

The Watchlist Screening capabilities provides a PEP, Sanctions and Adverse Media screening service that screens clients during onboarding against comprehensive global data, including over 350 lists that can be configured based on customer geography, product type or risk. This helps businesses ensure compliance with AML/CTF obligations, reduce false positives with results they can trust, and quickly adapt as a customer’s risk profile changes over time.

Chris continued, “The increasing range of digital financial services, the instantaneous nature of financial transactions and the significant increase in social engineering and ever-evolving scams are underscoring the need for global organisations to shift their anti-money laundering compliance onto a real-time footing. This change requires organisations to particularly restructure away from siloed fraud and AML teams towards an integrated approach.”

For more information about GBG Compliance Platform, visit the website.