Home Business Wire Australian Super Fund, LGIAsuper, Turns to Napier For AML Systems Upgrade Following...

Australian Super Fund, LGIAsuper, Turns to Napier For AML Systems Upgrade Following Recent Merger

SYDNEY–(BUSINESS WIRE)–Napier, provider of leading anti-financial crime compliance solutions, has announced that LGIAsuper, a Queensland-based superannuation fund, has adopted its Transaction Monitoring and Client Screening tools as part of an upgrade of the fund’s anti-money laundering (AML) defences.

Napier’s AI-enhanced technology will provide LGIAsuper with a holistic view of all its members, so that any suspicious behaviour can be more easily and efficiently identified as part of ongoing member due diligence and reporting to AUSTRAC.

LGIAsuper is a profit-for-members fund, managing $24b in retirement savings for approximately 123,000 members following its merger with Energy Super last year. With the pending acquisition of Suncorp’s superannuation business, LGIAsuper’s fund size will grow this year to around $30b with approximately 250,000 members.

Kate Farrar, Chief Executive Officer at LGIAsuper, said: “Amidst a major expansion of our business, we felt the time was right to review our AML defences and it was clear that we needed to upgrade to a cloud hosted solution that would support our continued growth. Napier is the financial crime compliance solution that gives us complete control and transparency of rules as well as segregation of data, rules, and workflows. The Napier system will improve our capabilities for protecting our members from illegal or unlawful activity and meeting the fund’s AML obligations.”

Napier has a growing list of clients globally, including tier one banks, payment services providers, FX and crypto. It provides AML and counter-terrorism financing capabilities for a number of financial institutions across the APAC region, including Australia Post. Napier’s presence in the region was further strengthened recently with the opening of a Kuala Lumpur base, adding to its offices in Australia, Singapore, UK, North America, and Dubai.

Robin Lee, Head of APAC at Napier, said: “It’s fantastic to be a part of LGIAsuper’s exciting period of growth. With their member count set to more than double, and the number of transactions going through their systems increasing dramatically, it’s absolutely crucial they have a robust and agile AML system in place. Growth can only continue though by adopting intelligent technology to keep on top of ever-stringent regulatory obligations. We look forward to seeing our solutions support LGIAsuper in its continued journey.”

Contacts

John Sullivan

napier@contextpr.co.uk
+44(0)300-124-6100

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