Geekzone: technology news, blogs, forums
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
SBS signs Wynyard Group for financial crime detection solution
Posted on 11-May-2012 09:15 | Tags Filed under: News

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.

comments powered by Disqus

Trending now »

Hot discussions in our forums right now:

iPhone 8/iPhone X, impressions?
Created by surfisup1000, last reply by alasta on 19-Sep-2017 18:42 (295 replies)
Pages... 18 19 20

Auckland Airport fuel supply obliterated by digger
Created by Batman, last reply by k1wi on 20-Sep-2017 00:26 (138 replies)
Pages... 8 9 10

When did we become America
Created by BTR, last reply by tripper1000 on 19-Sep-2017 21:35 (25 replies)
Pages... 2

How to backup/copy an iphone app?
Created by Batman, last reply by scuwp on 19-Sep-2017 19:37 (24 replies)
Pages... 2

Imminent iPhone update to wipe out 32-bit apps
Created by Davy, last reply by surfisup1000 on 19-Sep-2017 23:04 (21 replies)
Pages... 2

New Vodafone Plans
Created by alasta, last reply by Linux on 18-Sep-2017 20:47 (84 replies)
Pages... 4 5 6

Vodafone ping down?
Created by 01EG, last reply by 01EG on 16-Sep-2017 18:26 (20 replies)
Pages... 2

Sky blames piracy for lost customers. Sky: it's time to wake up and smell the coffee.
Created by kingdragonfly, last reply by tdgeek on 19-Sep-2017 20:34 (479 replies)
Pages... 30 31 32