KordaMentha has entered into a strategic partnership with LAB Group, a leader in digital customer lifecycle management and regulatory technology.
Through this collaboration, KordaMentha's Implementation Services team and LAB Group will deliver a joint service that combines LAB Group's market leading RegTech platform with KordaMentha's operational AML/CTF support expertise.
This collaboration responds to increasing demand from
Australia's evolving financial services regulatory ecosystem
along with entities impacted by upcoming Tranche 2 AML/CTF reforms,
including real estate agencies, legal practices, and accountancy
firms. The partnership aims to simplify compliance by offering a
comprehensive, technology-enabled managed service spanning customer
onboarding, verification, enhanced due diligence and regulatory
reporting.
Under this partnership, LAB Group will provide access to its
advanced digital onboarding and verification platform, while
KordaMentha will deliver trained personnel to manage ongoing
AML/CTF obligations. This scalable solution empowers organisations
to meet evolving compliance requirements efficiently and
cost-effectively. The partnership will help underpin and scale
further use cases supported by LAB technology such as other forms
of customer lifecycle engagements and remediations.
Nick Boudrie, CEO LAB Group said: "Customers have difficulty
scaling business process operations, especially with the changing
landscape of AML requirements and operating models as businesses
execute their digital transformations. Packaging LAB into a
combined service with KordaMentha allows businesses of all sizes to
leverage centralised cost efficiency across our network. We're
excited to bring to market a truly integrated AML/CTF solution that
blends technology with operations and expert advisory."
Alice Saveneh-Murray, Partner, Financial Crime &
Implementation Services, KordaMentha said: "This partnership
reflects another exciting step for KordaMentha Implementation
Services and reinforces our commitment to developing local AML/CTF
capability. By combining LAB Group's advanced technology with
our skilled personnel, clients are able to access enterprise grade
solutions in a flexible and scalable way that adapts to their
unique compliance needs. It's a model that not only helps
Australian Reporting Entities uplift regulatory compliance
standards, but also attracts new entrants to the financial crime
fighting talent pool, which will deliver high-impact outcomes
across a range of industries. We're proud to be driving
innovation in this space and helping clients navigate change with
confidence."
Joint offering highlights
- Packaged service combining LAB solutions and KordaMentha's operational expertise that will use the LAB Portal for AML operations management
- Offered to existing AML/CTF-regulated entities and new Tranche 2 entities
- Support for onboarding, remediation and other customer lifecycle AML compliance events
- Businesses have the option to leverage external AML support and service personnel as part of their operating model, in full or hybrid, for case management in the LAB Portal.
About LAB Group Services Pty Ltd
LAB Group is a pioneering regulatory technology company
revolutionising customer lifecycle management through its
innovative digital engagement and KYC verification solutions.
Founded in 2010, LAB provides comprehensive services that
seamlessly integrate AML/CTF compliance, enhanced customer due
diligence, and automated fulfillment. LAB technology has
facilitated millions of consumer engagements across over 15
industry verticals and serves over half of the world's top ten
global Asset Managers.
As a leader in secure customer onboarding, engagement and
verification, LAB technology orchestrates digital client
acquisition, corporate and identity verification, data capture
workflow management, risk assessment, fraud protection, periodic
reviews, perpetual KYC, PEP/Sanction and adverse media screening
and other regulatory and compliance needs into a modular
solution.
LAB's sector-agnostic integrations and data automation
capabilities help businesses adapt to evolving governance, risk and
compliance regulations while meeting best of breed customer
experience expectations. Headquartered in Melbourne, Australia and
with a global presence across APAC, Europe, and the UK, LAB
continues to shape technology solutions in an increasingly complex
regulatory landscape.
https://labgroup.com.au/