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Kyckr at AUSTRAC's RegTech Showcase 2018

EVENTS

26 June,  2018

 

Sydney, AUSTRALIA – Kyckr was one of demonstrators on display today at AUSTRAC‘s RegTech Showcase, where RegTech companies united to discuss ways to harness technology to combat the AML/CTF challenge.

AUSTRAC is Australia’s Financial intelligence agency, responsible for the regulation of AML and CTF locally.

 

 

The event aimed to provide a platform for collaboration and to generate new ideas around streamlining compliance and better assessing risks.

Industry and AUSTRAC panel discussions spoke about the expectations, paint points, interests and overall outlook in AML RegTech today.

 

 

Kyckr shared how its Perpetual KYC solution demonstrates innovation and compliance when it came to countering risk in financial crime – through use of Kyckr’s data cleansing solutions and event-based monitoring, Kyckr Company Watch.

“On average, over 15% of our customers books have de-registered or suspended businesses”.

 

Kyckr Perpetual KYC is an event-based management of risk, where intelligence is used to monitor and capture changes around a company’s attributes. These changes can include changes in a company status, legal name, director changes and/or shareholder changes.

Compared to an incumbent approach where people and manual processes are used, Perpetual KYC helps automate compliance management – digitising data access and processes, reducing costs and providing a higher level of actionable insights.

 

The event was attend by approximately 120 people from across the financial and gaming sectors, industry groups and anti-money laundering (AML) service providers.

AUSTRAC Acting CEO, Chris Collett, spoke of the importance in harnessing new technologies, especially in improving the protection in Australia’s financial system from criminal abuse.

 

“AUSTRAC recognises the potential of RegTech to harden the financial sector against money laundering, terrorism financing and serious financial crime.” Mr Collett said.

“We encourage the private sector to collaborate and identify better ways to assess risk and improve compliance with their obligations while at the same time reducing costs. AUSTRAC wants our objectives and that of our regulated community aligned, to create a financial system free of criminal exploitation.”

 

 

To learn more about Kyckr Perpetual KYC solutions, get in touch at info@kyckr.com.

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