We are proud to announce that LGIAsuper, a Queensland-based superannuation fund, has adopted our Transaction Monitoring and Client Screening tools as part of an upgrade of the fund’s anti-money laundering (AML) defences.
Our AI-enhanced financial crime compliance technology will provide LGIAsuper with a holistic view of all their members, so that any suspicious behaviour can be more easily and efficiently identified as part of ongoing member due diligence and reporting to AUSTRAC.
LGIAsuper is a profit-for-members fund, managing $24b in retirement savings for approximately 123,000 members following its merger with Energy Super last year. With the pending acquisition of Suncorp’s superannuation business, LGIAsuper’s fund size will grow this year to around $30b with approximately 250,000 members.
Kate Farrar, Chief Executive Officer at LGIAsuper, said: “Amidst a major expansion of our business, we felt the time was right to review our AML defences and it was clear that we needed to upgrade to a cloud hosted solution that would support our continued growth. Napier is the financial crime compliance solution that gives us complete control and transparency of rules as well as segregation of data, rules, and workflows. The Napier system will improve our capabilities for protecting our members from illegal or unlawful activity and meeting the fund’s AML obligations.”
“Amidst a major expansion of our business, we felt the time was right to review our AML defences and it was clear that we needed to upgrade to a cloud hosted solution that would support our continued growth." - Kate Farrar, CEO at LGIAsuper
Robin Lee, Head of APAC at Napier, said: “It’s fantastic to be a part of LGIAsuper’s exciting period of growth. With their member count set to more than double, and the number of transactions going through their systems increasing dramatically, it’s absolutely crucial they have a robust and agile AML system in place. Growth can only continue though by adopting intelligent technology to keep on top of ever-stringent regulatory obligations. We look forward to seeing our solutions support LGIAsuper in its continued journey.”
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