Fighting financial crime for New Zealand crime fighters

Case Study

The Police Credit Union

The Police Credit Union (PCU) is a not-for-profit organisation where membership is exclusively for police and their families. They offer banking services including loans, accounts, and term deposits, alongside financial courses to assist their members in building financial security.

The Police Credit Union is one of the smaller, occupational-based credit unions, however they have the same anti-money laundering (AML) reporting obligations as all other financial entities.

The problem

The PCU were already working with an AML provider, however, they were unable to obtain the level of local support and expertise they required. They had also recently undertaken an audit with recommendations for the large volume of transactions they monitor.

Being a financial services provider to the New Zealand Police, PCU needed greater confidence that they could comply with the AML legislation as efficiently as possible.

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The solution

PCU began their search for alternative vendors that offered local assistance, and a tool that offered them the flexibility to tailor to their specific risk profiles.

After reviewing potential solutions, PCU chose Jade ThirdEye for their AML programme. As well as offering local expertise and support, they also liked the capability to easily translate AML best practices into Jade ThirdEye.

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The Benefits

PCU found that Jade ThirdEye delivered exactly what was promised. “They understood our need for flexible rules, and when working with the support and technical teams, we realised our need to ensure it was exactly the right solution for our business was well aligned.”

As efficiently complying with AML legislation was one of their motivators, PCU were drawn to Jade ThirdEye’s ability to automate a significant amount of their transaction monitoring responsibilities.

“It is intuitive and flexible, and the local support team really understands AML and our business needs, and how that translates into a technical solution.”

Mathew Gray
Accounting and Compliance Officer, PCU

 

The outcome

On top of meeting their AML obligations in a more efficient way, PCU’s implementation and daily use of Jade ThirdEye translates to a better experience for their internal team charged with administering their AML programme.

This benefit ultimately extends to PCU customers, as the internal team can spend more time focusing on delivering superior customer services – knowing full well that they are confidently meeting their AML obligations.

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“Jade ThirdEye is just right for our size and volume of traffic. It is fit for purpose, is intuitive and flexible for our risk profile needs, and has helped us to improve our efficiency in managing our AML programme.”

Mathew Gray, Accounting and Compliance Officer, PCU

The future

PCU continues to monitor and evolve their AML programme to ensure it remains relevant for both their customer risk profiles and for any changing legislations. In fact, since the initial implementation, PCU have completed two rule reviews with the Jade ThirdEye team. This involved working together to analyse their data and identify potential rules to review and update. The updates were discussed in subsequent weekly calls and incremental adjustments were made over an agreed period, to continue to streamline and minimise disruptions to the business.

When asked if they would recommend Jade ThirdEye as an AML tool of choice, the PCU team responded, "yes absolutely." And in fact, they already have done so, to fellow peers in their industry.

“The work was project managed really well. Colin persisted with us until all the work was done. Very satisfied."

Lucy Haberfield
Chief Financial Officer, PCU

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About Jade ThirdEye

Jade ThirdEye detects suspicious transactions, combats money laundering, and helps businesses meet their AML/CFT compliance obligations. It provides a powerful, uncomplicated way to check data about customers and transactions for suspicious activity.

You can use Jade ThirdEye to

  • Identify suspicious behaviour quickly and accurately
  • Minimise false positives
  • Focus specialist investigative efforts where they’re most valuable
  • Monitor high volumes of transactions
  • Create customised rules
  • Screen customers against the fully integrated Dow Jones or Refinitiv World-Check risk and compliance watchlists

Book a demo

Would you like to see how Jade ThirdEye can make your AML program as much as 20 times more efficient? Book a demo with one of our automated AML software experts.  

 

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