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AML/CTF solutions

For individual and commercial customers

The commercial regulatory environment is


evolving. The introduction of new legislation
relating to Anti Money Laundering (AML)
and Counter Terrorism Financing (CTF)
means additional demands are being placed
on Reporting Entities* to collect and verify
customer information as well as monitor
risk and changes in customer status on an
ongoingbasis.
At Veda, we understand that on-boarding a new
customer quickly and efficiently whilst meeting
AUSTRACs AML/CTF changes is critical to winning
business. Veda can help you create a seamless
customer experience, which is necessary to compete
inbusinesstoday.

From 1 January 2016 all Reporting Entities need to:


Collect information on the purpose and intended
nature of a customer's business relationship.
Understand the control structure of a customer.
Identify and verify ultimate beneficial ownership.
Determine whether a customer is acting on behalf of
another person and identify that person.
Identify and verify the settlor of each trust.

Go to austrac.gov.au for more


information on the new customer
due diligence requirements.

What do the changes mean for you?

What are the changes?


From 1 June 2014 Reporting Entities with high risk
customers need to apply enhanced customer due
diligence in the full range of high risk situations,
including with foreign and Australian politically
exposedpersons(PEPs).

As a Reporting Entity, you may need to implement a


more robust due diligence process into your companys
workflow to meet AUSTRACs additional requirements.
The good news is that Veda can help!
Our end-to-end solution applies to both individuals
and commercial customers, making it one of the most
comprehensive solutions available in Australia.

High
Effort

Due Diligence Effort

Highly complex
International

Simple
Individuals
Sole Traders

Simpler entities
Pty Ltd
Businesses
SMEs

Complex
Corporate structures
Master facilities
Public companies
Related entities

Low
Effort
Simple

Customer structure

Complex

*A Reporting Entity is defined by AUSTRAC as an individual, company or other entity that provides a 'designated service' as defined
in the AML/CTF Act. Reporting entities include banks, non-bank financial services, remittance (money transfer) services, bullion
dealers and gambling services.

02

Key benefits
Vedas AML/CTF solutions can help you to:
D
 iscover the true situation of a companys beneficial ownership and control simply and easily.
O
 n-board customers quickly by reducing manual effort and accessing multiple integrated datasources.
O
 ptimise risk assessments based on your companys policy and maintain a complete copy of
customerrecords.

How does it work?


Our set of solutions will help you to better understand
your customer and comply with new AML/CTFlegislation.

REQUIREMENTS
COLLECT

Collect and
identify

VERIFY

COLLECT & VERIFY

Ownership
andcontrol

Natural
persons

Applicant
Risk

Ongoing
monitoring

Verify control
and ownership
structure

Verify the
identity of the
people behind
the organisation

Multi-factor
customer risk
assessment and
decision

Maintain an
up-to-date
assessment

Organisation
identification

Company File

IDMatrix

PEP & Sanctions


Global Screening

Alert Services

Helps find
the correct
commercial entity

Up-to-date
company data

Electronic
verification
ofidentity

Screens against
worldwide
governmentissued data

Notifications of
any changes

ACTIONS

Validate to ensure
dealing with
correct entity

VEDA'S SOLUTIONS

How do I access Veda's solutions?


Veda has a range of delivery channels to meet your
requirements, including VedaCheck, VedaCheck Visual,
VedaConnect, Batch and DataLink Manager (DLM).

Find out more


Speak to Alex Saad or Ian Hadwen
on (02) 9278 7997 to discuss how
Vedas AML/CTF solutions can help
your business.

Vedas AML/CTF solutions | 03

Applying Intelligence
in ways that matter
Vedas business is all about applied intelligence.
We acquire and transform raw data into timely
and relevant insights for businesses and
consumers. For Veda, this entails a rigorous and
continuous process of quality control, refinement
and innovation.
Veda is built on the largest, most comprehensive
and current data source in Australia and
NewZealand. The breadth and depth of our data,
and the knowledge it delivers will help you take
a proactive and informed approach to customer
acquisition and credit risk.

Veda Advantage Information Services & Solutions Ltd. No part


of this document may be reproduced without the prior written
permission of Veda Advantage Information Services and Solutions Ltd.

To find out more visit veda.com.au

SEPT 2014 | PV1

This summary, the service described and related product collateral


do not constitute legal or compliance advice. Organisations are
encouraged to obtain independent legal advice.