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Data Action takes a lead in AML compliance in Australia

Napier
October 21, 2021

Specialist core banking and digital services provider Data Action will use the full Napier platform to strengthen its anti-money laundering (AML) and counter terrorism financing (CTF) defences in servicing Australia’s alternative banking industry.  

Napier’s advanced and integrated set of tools, including Transaction Monitoring, Client Screening, Risk-Based Scorecard and Client Activity Review, enable Data Action’s clients to continue to meet AML compliance obligations, while also enhancing their ability to rapidly adapt and improve detection and reporting of suspicious activity.

Melissa Warren, Global Head of Partnerships at Napier, said: “Data Action has built a proprietary core banking platform and offers a range of digital banking solutions. AML is very much a key requirement of the overall product and service offering for which they have now engaged Napier on a reseller basis. They will replace legacy technology with Napier’s intelligent compliance platform. The partnership will create a seamless customer experience for financial institutions in Australia, looking to improve on their AML controls and update core banking capabilities.”

With over 30 years’ experience, Data Action represents more than $52.5 billion in client assets, supporting credit unions, mutuals, neobanks and other financial services organisations throughout Australia with its hosted core banking services and digital banking solutions.  

"It was important to us to find a replacement solution that not only meets our clients’ requirements now, but will also future-proof all our systems as we continue to expand in the ever-changing regulatory landscape." - Justin Needham, Ancillary Systems and Lending Manager at Data Action

On the partnership, Justin Needham, Ancillary Systems and Lending Manager at Data Action, said: “As Data Action has grown, it was increasingly difficult to adapt our AML/CTF systems to the changing regulatory environment. It was important to us to find a replacement solution that not only meets our clients’ requirements now, but will also future-proof all our systems as we continue to expand in the ever-changing regulatory landscape. Thus, it made sense to invest in Napier’s full, end-to-end platform to support our 3.2 million customer accounts.”  

“Australia has been introducing more stringent measures to strengthen the country’s AML and CTF rules of late, including reforms targeting customer due diligence, correspondent banking, information sharing, and cross-border payment reporting,” said Robin Lee, Head of APAC at Napier.  

“With that, it’s fantastic to see that companies such as Data Action are looking towards our technology for improved controls so that they can take a lead with AML compliance that will give them a solid competitive edge.”

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