TAL is one of Australia's leading life insurers. With over 140 years' industry experience, TAL is trusted by more than four million people across Australia.
Before implementing AML Accelerate, the risk assessment and anti-money laundering process was managed manually by subject matter experts using a spreadsheet. This was done in accordance with AUSTRAC guidance materials and the legislative requirements.
While there were no specific challenges with this manual process, moving to an online process is part of an ongoing commitment to evolve current practices, with input from both internal and external resources, to reconcile the AML compliance program during periodic reviews. TAL wished to conduct its money laundering and terrorism financing risk assessments in accordance with industry benchmarks and ensure consistency in process, rather than relying on manual input by subject matter experts.
Implementing AML Accelerate across the business was simple, quick, and a positive experience for all involved. Relevant users can now access everything they need online, and they find the product logical and easy to use.
TAL is using AML Accelerate in conjunction with the resources available from AUSTRAC and industry working groups. This gives the management team peace of mind knowing that their risk assessments are sound and consistent, without relying upon manual input.
In addition, TAL has confidence that they won't miss any significant industry and regulatory updates as the AML Accelerate platform is used by a diverse range of businesses, and regulatory changes are tracked and alerted to all users so they don't miss any major changes.
“Arctic Intelligence is a logical, simple to use online resource run by a team that is always helpful and informative. The resource can assist organisations when developing and reviewing their policies and procedures to address financial crime risks, including money laundering. In turn, organisations can implement operational controls designed to comply with relevant laws and obligations and prevent financial crime activities."
Cameron Pelling - General Manager Risk