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Case Study – Cash Converters

cash converters logo 2

Cash Converters is well known for its quality secondhand goods and cash options, helping to make things possible for the lives of everyday Australians since 1984. The company solves real-world problems through its affordable alternative retail and financial products including personal finance and pawnbroking.

The Objectives

  • Consider the DBG and its members in the same risk assessment;
  • Provide an enterprise-wide risk assessment rating for the entire DBG;
  • Better understand the environmental context and vulnerabilities against different financial crime risks;

With AML Accelerate’s proven success and the team’s exceptional customer service, Cash Converters adopted AML Accelerate.

The Solution

AML Accelerate has enabled Cash Converters to;

  • Provide a full audit trail by recording the risk narrative and decision-making methodology against the appropriate risk factors, risk categories and risk groups;
  • Document and assess the effectiveness of mitigating controls against each risk factor;
  • Allocate individual risk ratings to each customer type, business, product, channel and jurisdiction;
  • Keep a record of approvals by the Board through publishing and adopting each risk assessment when appropriate. Board reporting on the risk assessment outcomes using the sliding scale which visually gives a concise representation of Cash Converter’s risks. Setting up a calendar of ML/TF activities and control testing schedule, with the ability to record evidence of outcomes in AML Accelerate.

The Result

Cash Converters now benefits from an evolving technology solution that regularly monitors legislative requirements and regulatory updates for compliance obligations and ML/TF risks. In addition;

  • The organisation has enhanced its overall ability to produce risk assessments in a timely manner at regular frequency or when the business identifies a significant change within its operations;
  • This allows the organisation to establish oversight and monitoring for ML/TF activities and controls testing within the system to produce reporting on progress across the entire organisation.

Client Testimonial

"Cash Converters came to Arctic Intelligence to scale its operations and replace its existing manual risk assessment processes with a sophisticated tool to improve the quality and capability of its AML/CTF risk assessment process, exploring digital solutions to help deliver defendable data-driven output."

Senior Advisor AML/CTF