Superannuation

The superannuation industry plays a crucial role in providing retirement income for millions of people around the world. As such, it is subject to a range of regulatory requirements designed to ensure the integrity and safety of the industry. One of these regulatory requirements is the implementation of AML/CTF (anti-money laundering/counter-terrorism financing) and KYC (know your customer) processes.

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Superannuation Security: AML/CTF and KYC Measures to Combat Financial Crimes

AML/CTF and KYC processes are designed to help prevent financial crimes such as money laundering, terrorist financing, and fraud. In the superannuation industry, these processes are particularly important as they help to ensure that the assets of superannuation funds are not used for illegal purposes and that the funds are not being exploited by criminals.

Superannuation Fund Compliance: Employing AML/CTF and KYC Due Diligence

To implement AML/CTF and KYC processes, superannuation funds may be required to perform due diligence on their clients and investments to ensure that they are not involved in illegal activities or being used to launder money. This may involve reviewing financial records, conducting background checks, and verifying the source of funds.

Superannuation Funds: Developing AML/CTF and KYC Policies for Regulatory Compliance

In addition, superannuation funds may be required to implement internal policies and procedures to ensure compliance with AML/CTF and KYC regulations. This may include training employees on these regulations, establishing internal controls to detect and prevent financial crimes, and reporting any suspicious activity to the relevant authorities.

Protecting Superannuation: AML/CTF and KYC Processes for Retirement Income Security

Overall, the use of AML/CTF and KYC processes in the superannuation industry is important to ensure the integrity and safety of the industry. These processes help to protect the assets of superannuation funds and ensure that they are not being exploited by criminals, which ultimately helps to provide retirement income security for millions of people around the world.

Our Features

Scanning

Choose a quick ad-hoc scan of an individual or company, or run a batch scan of some or all of your customer base.

Ongoing Monitoring

Receive notifications of changes to profiles of matches, or new information affecting your customers, through automatic daily screening against global PEP & Sanction, as well as adverse media data sources.

Due Diligence

Comply with auditing through the integrated due diligence to assign risks and decisions to matched profiles for your customers and applicants.

Intelligent Parameters

Customise your scan parameters and Watchlist category selection to meet your organisation’s regulatory obligations.

Comprehensive Reporting

Create and download reports in PDF, Word, and Excel as part of your KYC obligations, and to meet audit requirements.

Whitelists

Create whitelists from due diligence decisions of ‘false match’, to apply to future scans in order to eliminate false positives and reduce your workload.

Security

Protect your account access with multi-factor authentication. All Personally Identifiable Information (PII) is encrypted and all data is secured at rest and in transit.

Role-Based Access

Simple and advanced permissions access to features with pre-defined user roles to provide selected access to scanning, reporting and administration features. Further fine-grained permissions options to customise features access for individual users.

API Access

Prefer to see data your way and within your own application? Integrate with the MemberCheck REST API to securely run single and batch scans, and receive results in real time.