Wynyard Group launches Anti-Financial Crime Online Library

Media release

Wynyard Group launches new Anti-Financial Crime Online Library
Wynyard Knowledge helps financial organisations comply with AML/CFT legislation

AUCKLAND, 10 April 2013 – Wynyard Group, the specialists in intelligence-led software and solutions for protecting companies and countries from threat, crime and corruption, has today launched Wynyard Knowledge, an online, interactive library which helps financial institutions and their compliance officers adhere to Financial Crime and Anti-Money Laundering regulation.

Money laundering through the world’s financial systems continues to grow and constant updates to laws and regulation are putting pressure on financial institutions of all sizes to stay on top of global financial crime standards. The UNODC estimates the proceeds of crime available for money laundering to be equivalent to 2.7% of global GDP or US$1.6 trillion.

The new Wynyard Knowledge content portal assists financial institutions and compliance officers by providing best practice guides for managing financial crime, tools for reporting suspicious behaviour, country risk profiles, financial crime news from around the world and comprehensive industry briefings about the latest trends, changes and challenges.

New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) is due to come into effect in New Zealand on 30 June 2013. AML/CFT transaction monitoring, customer screening against global and local watch lists, suspicious transaction detection, investigation and reporting are key areas covered in the Act.

SBS Bank uses Wynyard’s anti-money laundering solution to help comply with the incoming legislation and its General Manager Risk and Support, Mark McLean, says Wynyard’s new tool will help it stay on top of global financial crime fighting and detection strategies.

“Banks are inundated with information and, often, misinformation regarding changes to best practice. Wynyard Knowledge brings all this information together and presents it in a useful way that allows us to save time and money. It is a much-needed resource in today's complex regulatory landscape,” said McLean.

Delivered globally Wynyard Knowledge ensures clients have access to the best knowledge, skills, experience and technology for supporting local, national and trans-national financial crime detection and protection.

Wynyard Group Managing Director, Craig Richardson, said internationally, fines for non-compliance have been in the hundreds of millions of dollars with significantly larger damage being done to the reputation of those that failed in their governance and compliance accountabilities.

“We understand the challenges organisations face and have focused on delivering intelligent solutions that not only fight financial crime, but also deliver business efficiencies and cost savings by allowing companies to focus on their core business.

“Wynyard Knowledge is part of our ongoing commitment to helping businesses that carry out financial activities fight money laundering, counter the funding of terrorism, and comply with changing regulation,” said Richardson.

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About Wynyard Group

Wynyard Group's industry experts, data scientists and software engineers create intelligence-led software and solutions for protecting companies and countries from threat, crime and corruption. With more than 400 clients globally across financial services, government and critical national infrastructure, Wynyard’s trusted software products have become the industry standard for connecting mission critical risk management, intelligence and investigations operations.

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