In Australia's financial sector, the Internal Dispute Resolution (IDR) framework and regulatory guide 271 (RG 271) are pivotal components in ensuring fair, transparent, and effective handling of consumer and small business complaints.
RG 271, established by the Australian Securities and Investments Commission (ASIC), sets stringent guidelines for financial services to resolve disputes internally. It outlines the obligations of these firms to have an IDR procedure that complies with ASIC's standards, alongside their membership with the Australian Financial Complaints Authority (AFCA).
The development of IDR in Australia reflects the changing needs of the Australian financial services sector. The IDR standards that have emerged from the findings of the Ramsay Review and have been further shaped by amendments to financial legislation, in particular RG 271, reflect the industry's commitment to protecting the rights and interests of consumers.
If customers of a financial services provider have a concern, what does this mean for them?
Read ASC Technologies full blog HERE.
On Thursday 11 April, we gathered people from 25 countries for our online #ACCELERATERegTechGlobal webinar. To download the webinar go here. #ACCELERATERegTechGlobal APAC Series Webinar 2024 (youtube.com)
New self-service offering allows customers to activate anti-fraud solution in minutes with a credit card
Singapore, April 11, 2024 — Transparently.AI, which makes artificial intelligence software that detects accounting fraud, has unveiled a web-friendly version of its product, in a bid to make the tool more accessible in the global battle against financial crime.
With the new self-service offering, customers can now activate their anti-fraud solutions in minutes by purchasing directly from Transparently.AI's website with a credit card. It comes on top of the Singapore-based firm’s high-touch enterprise solution, which has been available for over a year to asset managers, financial firms and auditors.
Self-service customers can choose from different pricing options based on their specific needs and budget. The software can be easily integrated into existing systems, making it a hassle-free solution for companies looking to protect themselves against accounting fraud.
By leveraging the power of AI, the software can quickly and accurately detect fraudulent activities, saving businesses from potential financial losses and reputational damage.
"We wanted to make our anti-fraud solution more accessible to a wider range of companies,” said Hamish Macalister, chief executive officer and co-founder of Transparently.AI. “With this new offering, customers can easily purchase and activate our software without having to go through a lengthy sales process.”
With this launch, Transparently.AI is further solidifying its position as a leader in AI-powered anti-fraud solutions for the financial industry. Asset managers, banks, auditors, exchanges and others can use the product as a tool to filter for suspicious accounting, fraudulent book-keeping and weak corporate governance.
Transparently.AI’s software is trained via machine learning to detect accounting red flags in corporate balance sheets. It produces an A+ to F risk rating, as well as a 0-100 risk score which measures the likelihood and extent to which a company is manipulating its accounts.
The firm already counts one of the world’s largest sovereign wealth funds, a global commercial bank and one of the Big 4 auditors among its customers. The three-year-old AI startup in February announced an investment from U.S. asset-management giant Franklin Templeton, as part of a US$3 million pre-series A funding round.
Early bird discounts for RegTech Association members Transparently.AI is offering The Regtech Association members and network 20% discount to try the tool out! Learn more here.
About Transparently.AIFounded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies. The firm was named in the RegTech100 list for 2023, which is an annual list of the world’s most innovative regtech companies. Find out more at transparently.ai.
Press contact:Transparently.AI Darren Boey darren@transparently.ai Follow Transparently on LinkedIn
London, 20 March 2024 - Encompass Corporation, the global provider of real-time digital Know Your Customer (KYC) profiles, has appointed Neil Acworth as its new Chief Information Security Officer (CISO) as part of its focus on delivering gold-standard information security processes to global banks.
Against the current business and regulatory landscape, security is an ongoing priority across financial services, and Acworth’s appointment will underline and enhance Encompass’ ability to offer seamless data-focused processes that contribute to safety, compliance and operational efficiency, whether during the onboarding of new customers or within existing relationships.
Acworth joins with decades of experience in the technology space, including holding senior positions, such as Chief Technical Officer (CTO) and Chief Information Officer (CIO), and within RegTech organisations.
He will oversee Encompass’ information security team and drive its ongoing commitment to promoting best practices in fighting financial crime and contributing to business growth, while maintaining a leading status globally.
Neil Acworth, Chief Information Security Officer at Encompass Corporation, comments: “I’m delighted to join an industry-leading business that is growing and strengthening its value every day. Information security is of the utmost importance to banks and financial institutions, and they need to see that we take it as seriously as they do. It’s clear that Encompass recognises this and is actively working to cement its place as a best-in-class partner.
“I’m excited to bring my leadership skills, perspective and technical expertise, gained from decades of experience, to this role and play my part in the business enhancing its reputation and success.”
Stuart Barnard, Vice President of Finance and Business Operations at Encompass Corporation, comments: “Compliance is at the heart of what we do, and hiring Neil as our new CISO brings this to life, in terms of how we operate internally and externally. For banks, we know security isn’t just about ticking a box, it's business critical, and we are focused on being the proactive and trusted partner that our customers need.
“Neil has outstanding technical and business authority, gained from his vast industry experience. Neil's customer-focused approach also means that he is the ideal leader to help our customers operate most effectively within what is a fast-moving and pressured industry landscape, ensuring they feel safe with Encompass.”
The news follows Encompass’ recent acquisitions of CoorpID and Blacksmith KYC, which strengthen its mission to transform KYC with Corporate Digital Identity (CDI), with real-time digital KYC profiles solving the challenge of identification and verification of corporate and institutional clients.
About Encompass CorporationEncompass enables fast, accurate identity validation and verification of corporate customers, and a gold standard approach to KYC. Our award-winning corporate digital identity (CDI) platform incorporates real-time data and documents from authoritative global public data sources and private customer information to create and maintain digital risk profiles.
With Encompass, the world’s leading banks improve customer experience and increase business opportunities through consistent regulatory compliance and risk mitigation.
Cheri Burns | PR & Corporate Communications Director t +44 (0) 333-772-0002 e cheriburns@encompasscorporation.com w encompasscorporation.com
In a strategic move to expand its customer cyber security offerings, Spirit Technology Solutions, a leading cybersecurity business with a state-of-the-art Security Operations Center (SOC), announced today the acquisition of InfoTrust, a prominent cybersecurity practice with specialisations across assurance, governance, risk, compliance (GRC) and managed security services.
This acquisition marks a significant milestone for Spirit as it reinforces its commitment to providing comprehensive cybersecurity solutions for the Australian market and forging its position as a leader in the Australian cyber security market. By bringing together the advanced threat detection and response capabilities delivered through the state-of-the-art Security Operations Center (SOC), within Spirit’s cyber arm, Intalock, with InfoTrust’s Assurance and GRC services, the combined entity will bring compelling security value proposition to the market.
Spirit’s cyber division will now include a combined 600 customers, providing significant opportunity to deepen customer relationships with new services now available under the Spirit Group.
Key Highlights of the Acquisition:Comprehensive Cybersecurity Solutions: The integration of Spirit and InfoTrust will result in a comprehensive suite of cybersecurity solutions, ensuring customers benefit from a holistic approach to threat management and compliance with access to a comprehensive SOC, offensive security and incident response enabling customers to prepare and respond rapidly to any breach.
Synergies in Secure Managed IT Solutions: The acquisition enables the unification of cutting-edge technologies and solutions from both entities, creating an end-to-end secure managed service platform that addresses the evolving digital workplace and threat landscape effectively.
Enhanced Governance and Compliance Offerings: InfoTrust's expertise in Governance, Risk Management, and Compliance will strengthen Spirit's portfolio, offering clients unparalleled support in navigating regulatory requirements and industry standards.
Expanded Team of Experts and Footprint: The merger brings together a combined 110 seasoned cybersecurity experts, from the talents of both organisations to provide clients with a wealth of knowledge and experience, with customers and expertise across the country.
Quotes: Julian Challingsworth, Managing Director, and CEO of Spirit Group:
"This strategic acquisition aligns with our vision of becoming the go-to cybersecurity partner in Australia. By combining our SOC capabilities with InfoTrust's Assurance, GRC and product focus, we are positioned to deliver a completed and robust cybersecurity solution set that enables our clients to build robust defences against a cyber-attack and respond quickly to threats and attacks which are becoming more prevalent."
Simon McKay Co-Founder/CEO of InfoTrust:
"We are excited to join forces with Spirit to create a powerhouse in the Australian cybersecurity market. This merger enables us to combine Intalock’s world class Managed Security Services with InfoTrust’s leading GRC, Penetration Testing and Technology expertise and enable us to scale and deliver a comprehensive set of solutions to our clients, ensuring their security and compliance needs are met with the highest standards."
Dane Meah Co-Founder/Director of InfoTrust:
"I’m incredibly proud of what we’ve built at InfoTrust over the past 10 years. The business has never been in better shape achieving record growth over the past 2 years, thanks to the hard work of Simon and the whole team. Integrating InfoTrust with Spirit provides a platform to create an incredible cybersecurity powerhouse for many years to come. The best days are ahead, and we’re excited for what the future holds."
Additional Information: Interested media representatives may contact Pattigrace Lupari for additional information or to schedule interviews.
About Spirit Technologies Solutions:Spirit (ASX: ST1), a technology company delivering innovative solutions to help Australian businesses stay ahead of the curve by building a secure, sustainable, and scalable work environment. With a core focus on providing cutting-edge solutions to safeguard organisations against cyber threats through a state-of-the-art SOC, Spirit is dedicated to securing the digital future.
About InfoTrust: Infotrust is a specialist cybersecurity provider with deep expertise in Assurance, Governance, Risk and Compliance (GRC) and Managed Security Services. With over 400 customers nationally, across SMB, mid-market and enterprise, InfoTrust is a truly trusted partner when it comes to achieving successful cybersecurity outcomes.
For media inquiries, please contactPattigrace Lupari Senior Marketing Manager Intalock Cyber Security Pattigrace.lupari@intalock.com.au
London, February 20 2024 — Encompass Corporation, the global provider of real-time digital Know Your Customer (KYC) profiles, has appointed Job den Hamer, former CEO of CoorpID, as Head of Business Development to bolster its mission to revolutionise KYC with Corporate Digital Identity (CDI).
With more than 20 years of experience within mid-corporate and corporate financial services markets, den Hamer has held senior roles across sales, business development and change management. Most recently, he conceptualised and grew CoorpID within ING’s innovation network, with it helping banks to transform KYC outreach before being acquired by Encompass last month.
As Head of Business Development, based in the Netherlands, den Hamer will be a key member of Encompass’ sales leadership team, under the direction of Chief Revenue Officer (CRO) Steve Hadaway. He will be responsible for maximising the value the CoorpID platform brings to Encompass’ global banking customers, with the acquisition furthering Encompass’ efforts to solve the challenge of identification and verification of corporate and institutional clients with its game-changing CDI platform.
CoorpID was founded by ING Labs in 2018 to allow global banks to automate outreach and gather private KYC data directly from corporate banking customers, providing a repository that allows the corporate to manage all their banking relationships.
Its functionality enables Encompass to build a complete KYC profile that combines authoritative public information with private information directly from customers. This makes CDI possible for the first time, providing a unified source of truth and unrivalled visibility into risk. As a result of this complete customer profile, the need for unnecessary outreach is eliminated, improving customer experience without compromising on robust regulatory compliance.
Job den Hamer, Head of Business Development, Encompass Corporation, comments: “Joining Encompass at such a pivotal time for the organisation is a fantastic next step, which allows me to continue my efforts to contribute genuinely exciting innovation to the financial services industry, which improves the KYC journey for banks and corporates.
“CDI offers real value, solving critical challenges banks face today, and to be involved in this journey, and able to carry on the story of CoorpID as part of Encompass, is a huge privilege.
“The bringing together of Encompass and CoorpID will facilitate change and impact like we have never seen before, and I am thrilled to play my part in bringing the possibilities to life.”
Steve Hadaway, Chief Revenue Officer, Encompass Corporation, adds: “There is so much to be excited about on the road ahead for Encompass, and I am delighted to follow the acquisition of a uniquely strong platform in CoorpID by bringing Job on board.
“Not only does he possess decades of experience and enviable knowledge, but being the driving force behind CoorpID means he will add a great deal to what we bring to customers and the industry alike as we lead the way in transforming KYC with CDI.”
Investment secured from asset management giant as part of pre-Series A funding round for Singapore AI firm
Singapore, February 20, 2024 — Transparently.AI, a Singapore-based maker of artificial intelligence software that detects accounting fraud, has won an investment from Franklin Templeton as part of its admission to the asset manager’s FinTech Incubator program.
Transparently.AI’s software is trained via machine learning to detect accounting red flags in corporate balance sheets. It produces a 0-100 risk score which measures the likelihood and extent to which a company is manipulating its accounts. Asset managers, banks, auditors, exchanges and others can use the product as a due diligence tool to help filter for suspicious accounting, fraud in the accounts and weak corporate governance.
In addition to the investment from Franklin Templeton, Transparently.AI will receive mentorship and guidance from Franklin Templeton’s network of startup professionals, founders and experts through the FinTech Incubator program. The program also offers access to workspace in Franklin Templeton’s Incubator offices in Singapore and San Mateo, California.
“We are deeply privileged to be working with Franklin Templeton,” said Hamish Macalister, chief executive officer and co-founder of Transparently.AI. “Through our collaboration with a brand like Franklin Templeton, which has a strong presence and history in the U.S, we hope to significantly accelerate our go-to-market strategy, particularly in North America.”
Franklin Templeton’s investment in Transparently.AI is part of a US$3 million pre-series A funding round that values the two-year-old startup at US$20 million.
Margaret King, Vice President of FinTech Partnership & Corporate Strategic Investments at Franklin Templeton, said: “The changing face of fraud risk in an evolving digital landscape means that businesses have to be more vigilant now than ever. With advancements in AI, RegTech solutions have the potential to address gaps in financial crime risk management, and we look forward to seeing Transparently.AI bring advanced technologies to the market meaningfully.”
Transparently.AI’s partnership with the U.S. asset manager further enmeshes the company within its customer community. The AI firm already counts one of the world’s largest sovereign wealth funds, a global commercial bank and one of the Big 4 auditors among its customers.
The Franklin Templeton Incubator is the latest fintech program that Transparently.AI has been admitted to. In March 2023, the Singaporean firm was among 10 companies chosen from over 1,000 startups to join Plug and Play’s Fintech 2023 Accelerator Program.
About Transparently.AI
Founded in 2021, Transparently.AI has developed an AI-based system for the automated detection of accounting manipulation and fraud in companies. The firm was named in the RegTech100 list for 2023, which is an annual list of the world’s most innovative regtech companies. Find out more at transparently.ai.
7th February 2024 – London/Dublin – Fenergo, the leading provider of digital solutions for Know Your Customer (KYC), Transaction Monitoring and Client Lifecycle Management (CLM), today announces that its software-as-a-service (SaaS) CLM solution is now available on AWS Marketplace.
Available directly through AWS Marketplace, Fenergo’s CLM can be quickly implemented, enabling financial institutions (FIs) to accelerate their digitalization journeys and quickly realize the benefits of Fenergo’s solution for KYC compliance, transaction monitoring, and client onboarding. Amazon Web Services (AWS) customers can now streamline the procurement and purchase of Fenergo’s CLM directly within their AWS Marketplace account while also unlocking any AWS incentives, discounts, or programs that they may be entitled to.
Stella Clarke, Chief Strategy and Marketing Officer at Fenergo, said;
“Taking a cloud-based approach is becoming the norm for financial institutions, and at Fenergo we pride ourselves on delivering a solution that empowers customers to respond rapidly to regulatory demands and unlock revenue growth potential.” “Going live on AWS Marketplace marks an exciting milestone for Fenergo. Our partnership and listing on AWS Marketplace have been instrumental in moving towards the future of technology procurement and meeting clients where they are in marketplaces, with a solution that many banks are already operating on and trust.”
“Taking a cloud-based approach is becoming the norm for financial institutions, and at Fenergo we pride ourselves on delivering a solution that empowers customers to respond rapidly to regulatory demands and unlock revenue growth potential.”
“Going live on AWS Marketplace marks an exciting milestone for Fenergo. Our partnership and listing on AWS Marketplace have been instrumental in moving towards the future of technology procurement and meeting clients where they are in marketplaces, with a solution that many banks are already operating on and trust.”
Fenergo’s CLM SaaS solution is now generally available in AWS Marketplace. For more information on Fenergo and its suite of CLM solutions, please visit www.fenergo.com.
Tuesday, 13 February 2024 – Data Zoo, a leading global identity provider, has appointed former London Stock Exchange Group executive Charlie Minutella as its new Chief Executive Officer.
Minutella brings nearly two decades of experience leading risk, identity, and compliance teams, notably spearheading the Refinitiv risk division at the London Stock Exchange Group (LSEG).
The appointment follows three years of impressive growth for the award-winning “know your customer” solution, which has successfully expanded its customer base across various geographies, complexities, and use cases.
Minutella will lead Data Zoo’s global operations from its New York office, guiding the company to further capitalise on its strengths and broaden its identity and fraud prevention solutions to address increasingly complex customer needs.
Data Zoo founder Tony Fitzgibbon has served as Chief Executive Officer since the company's inception over a decade ago. Fitzgibbon will transition to the role of Chairman and Chief Strategy Officer, where he will continue to play a significant role in shaping the company’s innovations, products, and partnerships.
During his tenure, the bootstrapped company grew to over 80 employees worldwide, launched operations in the US, and successfully entered the heavily regulated European market – going head-to-head with established global identity providers to become the trusted provider for major customers, including an Australian “Big Four” bank, a global social media brand, and three of the top global payment providers.
Reflecting on the leadership transition, Tony Fitzgibbon, founder and CEO of Data Zoo, said, “As a founder, selecting someone to take the helm is no small task. However, Charlie’s expertise and alignment with our core values and vision made him an obvious choice.”
“I am immensely proud of the heights Data Zoo has reached and am thrilled to continue working alongside our exceptional team, customers, and partners under Charlie’s leadership as we embark on the next phase of our global expansion journey,” Fitzgibbon added.
Charlie Minutella expressed his enthusiasm for his new role, “I am truly excited to join Data Zoo as CEO. My career has taught me that the key to success lies in a company’s passion and purpose, qualities that Data Zoo embodies in its unique blend of agility, innovation, and unwavering commitment to compliance.”
“I am eager to capitalise on these strengths, tackling complex challenges and filling the gaps the industry has struggled to address. We have an exciting opportunity to leverage our distinct capabilities to solve more issues for our customers, further solidifying our position as a leader in the industry,” Minutella said.
For more information, please contact:
Emma Murphy Marketing & Communications Manager at Data Zoo emma.murphy@datazoo.com +61488 665 447
About Data Zoo Data Zoo is a global identity solution powering modern verification experiences for digital businesses around the world. With one global integration, Data Zoo replaces the complexities of legacy solutions with the flexibility, innovation and privacy needed to seamlessly and securely onboard customers.
Leading global financial institutions, payment providers, and fintechs trust Data Zoo to verify millions of customers while minimising fraud and risk. Headquartered in Sydney, Australia, Data Zoo has offices in New York, Amsterdam, Melbourne, Brisbane, Auckland and Singapore.
For more information, visit: www.datazoo.com
LONDON, 7 February 2024 - Napier, the London-based global financial crime compliance RegTech, is pleased to announce that its award-winning Anti Money Laundering (AML) platform, Napier Continuum is now available through two new service offerings: Napier Continuum Live and Napier Continuum Flow. These new solutions deliver Napier’s experience in helping financial institutions transform their AML solutions with a compliance-first focus.
Napier Continuum Live is the new plug-and-play hosted offering that brings the benefits of the Napier Continuum platform to organisations looking to go live and achieve regulatory compliance as quickly as possible. For both Client Screening and Transaction Monitoring, the service offering includes:
“I am excited to make enterprise-grade financial crime compliance accessible to all financial institutions with the launch of Napier Continuum Live,” - Greg Watson, Chief Executive Officer at Napier.
“Historically, teams or organisations looking for a quick and proven path to modern, AI-driven financial crime compliance had to sacrifice functionality for speed. But with Napier Continuum Live, they are getting the full, feature-rich platform pre-configured to their needs. It’s a complete combination of our product and market expertise.”
Napier is also announcing Napier Continuum Flow, a new headless API service designed for organisations looking to leverage AI-powered financial crime compliance intelligence into their existing infrastructure. With Napier Continuum Flow, organisations can route alerts from Napier’s next generation, AI-driven screening and monitoring engines into their existing workflow for case management. Customers gain the improved detection rates and reduced false positives from Napier Continuum, as well as the explainable and auditable AI insights, all in their existing workflow for a fast Return on Investment (ROI) and lower Total Cost of Ownership (TCO).
“We have seen an increasing number of digital-first customers in banking and payments looking to flow the intelligence Napier can provide around screening and monitoring into their own technology stacks,” continues Watson. “It is a real stamp of approval that many fintechs who pride themselves on their self-built platforms for their main value proposition, choose to partner with Napier for their compliance strategies.”
“Financial crime compliance is an increasingly complex task especially as regulatory mandates continue to expand. It becomes vital that organisations without large teams or resources integrate innovative solutions,” explains Chuck Subrt, Director of the Fraud & AML Practice at Datos Insights.
“We work with financial institutions around the world and there is increasing demand for dynamic tools that have advanced analytics and intelligent automation embedded into their configuration and rules but with explainability and transparency. For financial institutions looking to transform their AML compliance technology, the new Continuum Live and Flow offerings from Napier represent a compelling option.” - Chuck Subrt, Director of the Fraud & AML Practice at Datos Insights.
With the launch of Napier Continuum Live and Continuum Flow, all financial institutions can now access next generation, enterprise grade screening and monitoring capabilities in line with compliance and technology strategies.
Learn more about the service offerings for Napier Continuum Live.
Napier is a RegTech delivering anti-money laundering and financial crime compliance software to banking, payments and wealth & asset management firms. Napier designs and engineers technological innovation to make a measurable difference in driving down financial crime. Trusted by over 150 institutions worldwide, the company’s platform, Napier Continuum, is transforming compliance from a legal obligation to a competitive edge.
Datos Insights delivers the most comprehensive and industry-specific data and advice to the companies trusted to protect and grow the world’s assets, and to the technology and service providers who support them. Staffed by experienced industry executives, researchers, and consultants, we support the world’s most progressive banks, insurers, investment firms, and technology companies through a mix of insights and advisory subscriptions, data services, custom projects and consulting, conferences, and executive councils.
For media enquiries:
Elise Thrale
Head of Content, Napier
+4477890 952 278
Elise.thrale@napier.ai
Get in touch to see how our intelligent platform can help your organisation transform its compliance; or request a demo to see it in action.
https://www.napier.ai/contact
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