Sydney: RegTech company Napier, provider of advanced anti-financial crime compliance solutions, has announced that 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.
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.
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 of 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.”
Napier has a growing list of clients globally, including tier one banks, payment services providers, FX and crypto. Napier’s presence in APAC was further strengthened earlier this year with the opening of a new Kuala Lumpur base, adding to its offices in Australia, Singapore, UK, North America and Dubai.
Robin Lee, Head of APAC at Napier, said: “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. 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.”