The PCU was 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.

As a financial services provider to the New Zealand Police, PCU required greater confidence that it could comply with AML legislation as efficiently as possible.

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

After reviewing potential solutions, PCU chose ThirdEye for its AML programme. In addition to offering local expertise and support, they also appreciated the capability to translate AML best practices into ThirdEye easily.

PCU found that 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 was drawn to 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, Police Credit Union

In addition to meeting their AML obligations more efficiently, PCU’s implementation and daily use of ThirdEye result in a better experience for their internal team, which is responsible for 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, confident that they are meeting their AML obligations.

“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, Police Credit Union

The future

PCU continues to monitor and evolve its AML programme to ensure it remains relevant for both its customer risk profiles and for any changing legislation. In fact, since the initial implementation, PCU has completed two rule reviews with the 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-upon period to continue streamlining and minimising disruptions to the business.

When asked if they would recommend ThirdEye as an AML tool of choice, the PCU team responded, “Yes, absolutely.” And in fact, they have already done so with their peers in the industry.