CASE STUDY
Fighting financial crime for NZ Crime fighters
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.
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 was 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, Police Credit Union
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.
“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, Police Credit Union
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, Police Credit Union
Ready to comply with confidence?
Talk to our team today to learn how you can optimise your AML compliance process, monitor transactions for suspicious activity, and identify high-risk customers and customise rules to match your risk profile.
