Wynyard Group has won a multi-year contract with SBS Bank to supply its advanced financial crime detection solution that allows banks, insurers and wealth managers to monitor transactions, detect money laundering and prevent fraud.
The new contract, to be delivered in partnership with Starfish Consulting, will assist SBS Bank to implement and manage its compliance with New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) due to come into effect in New Zealand on 30 June 2013.
The United Nations Office on Drugs and Crime estimated global money laundering through the world’s financial systems at $US1.6 trillion in 2009 and New Zealand is yet to enforce regulations which close the loop these activities.
The Act passed in 2009,will require businesses or persons that carry out financial activities to put in place systems which prevent or detect transactions made by criminals trying to launder money or finance terrorism. Wynyard Group will support SBS Bank’s compliance programme and ensure its policy and processes are robust.
SBS Bank General Manager Risk and Support, Mark McLean, said the bank had taken the initiative to implement Wynyard’s solution well in advance of the necessary compliance date as part of its service to customers and the greater community by enhancing New Zealand’s reputation as a safe place in which to do business.
“As New Zealand’s largest building society we have a strong customer service track record and part of this is managing any risk, particularly those that might damage our reputation and expose our customers to risk.
“Wynyard will deliver us a comprehensive service for detecting, investigating and reporting suspicious activities along with local support and knowledge of the legislation.”
The new Wynyard Anti-Money Laundering solution will be delivered as a highly secure service and will provide AML/CFT transaction monitoring, customer screening against global and local watch lists, suspicious transaction detection, investigation and reporting to the New Zealand Police Financial Intelligence Unit (FIU).
CEO of Wynyard Group, Craig Richardson, said regardless of where a business was headquartered, if it operated within New Zealand it would be required to demonstrate compliance with the Act or face harsh consequences.
“Internationally, fines for non-compliance have been in the hundreds of millions of dollars with larger damage to the reputation of those that failed in their governance, risk, compliance and reporting accountabilities.", Mr Richardson said.
Delivered through its Financial Crime Detection Centre in New Zealand, Wynyard clients have access to the best knowledge, skills, experience and technology for supporting local, national and trans-national financial crime detection and protection.