GBG takes fraud prevention, AML compliance solution to Australian market

London-based digital ID provider GBG has launched its Compliance Platform in Australia to help customers tackle ID fraud, ensure anti-money laundering (AML) regulations compliance as well as fight other financial crimes.

The platform takes a unified approach to helping organizations address fraud prevention and anti-money laundering compliance, known as FRAML (fraud detection and anti-money laundering) or convergence, according to a company announcement. The approach yields operational and cost efficiencies, allowing organizations to reinforce and focus their fraud defence resources, GBG says.

“Criminals are continuously looking to take advantage of vulnerabilities, especially where new technologies, systems and processes are rapidly adopted. GBG Compliance Platform uses a no-code fraud rules builder, which provides organizations with the flexibility to adapt their rules to meet the complexities of evolving regulatory mandates, while staying agile against ever-changing financial crime,” says Carol Chris, regional general manager for Australia and New Zealand at GBG.

“The increasing range of digital financial services, the instantaneous nature of financial transactions and the significant increase in social engineering and ever-evolving scams are underscoring the need for organizations to shift their AML compliance onto a real-time footing. This change requires organizations to restructure away from siloed fraud and AML teams towards an integrated approach.”

GBG says the Compliance Platform has been designed to allow businesses stay ahead of the latest fraud threats, while being able to adapt to changing economic circumstances, regulatory requirements and customer expectations.

It is built on an automated high accuracy fraud detection system, utilizing GBG’s patented eDNA digital identity technology. This helps businesses to use previously identified false positives to stop future misleading alerts on the same individual, making it easier to quickly detect between the genuine, trusted customers and the unscrupulous ones, the company says. The platform also has Transaction Monitoring and Watchlist Screening capabilities with different functions all aimed at helping businesses stay ahead of threats.

In a related story, a recent episode of The PaymentsJournal’s podcast discusses how AI and biometrics are improving and streamlining regulatory compliance for fintechs and traditional banks.

Michael Sheehy, chief compliance officer at regulatory compliance solution provider Payoneer and Marco Salazar, director of technology and infrastructure at Javelin Strategy and Research shared thoughts on the future of compliance and the envisaged challenges.

As an example, Sheehy says that one of the ways of beating some of those challenges is by being “proactive,” which he notes is about having “processes and procedures in place to analyze the trends that you’re seeing not only in your own transactions, but also at a more macro level within the environment that you operate in.”

They also explore the role of AI in payments management and how biometrics and digital identity, tied together, can greatly improve compliance in fintechs and banks as they can help keep peoples’ money and assets safe and secure from ever lurking cybercriminals.

Article Topics

AML  |  biometrics  |  financial services  |  fraud prevention  |  GBG  |  identity verification  |  KYC  |  regulation