The benefits of a unified platform for compliance and fraud management

In this blog post, we delve into the advantages of implementing a unified compliance and fraud management platform, focusing on the benefits it offers to businesses operating in Australia and New Zealand.

The softening economy in 2023 will see many businesses and customers impacted financially and the risk of fraud becoming more prevalent. Coupled with current high levels of fraud and significant data breaches in 2022. Organisations must be committed to protecting consumers and meeting obligations without impacting the customer experience. In light of these challenges, sophisticated configurable technology that provides automation and continuous monitoring in a single  fraud management platform will be critical to quickly identify financial crime and deliver frictionless digital services to customers.

Managing the increasing levels of financial crime will require ongoing monitoring from onboarding to application and transacting. Quickly detecting fraudulent or suspicious activity will be essential for retaining good applicants and removing bad ones. Quickly detecting fraudulent activity helps create a superior customer experience.

Although this may seem like a significant change for organisations, utilising a single system for both fraud and Anti-Money Laundering (AML) processes allows for the sharing of data insights, reduced costs, and simpler processes.

The convergence of fraud and AML processes

In the past, banks have fought fraud and money laundering with separate resources. Fraud is usually considered to be within the realm of security, while AML is a matter of compliance. However, the convergence of these two processes allows organisations to get a clearer view of the threat landscape, better detect suspicious transactions, and streamline investigations. The unification of fraud and AML management also allows for reduced costs, increased efficiency, and better outcomes.

What benefits does a single platform for compliance and fraud management offer?


As regulation changes and money laundering techniques evolve, a combined platform can provide the flexibility to adapt to these changing circumstances.

Removing manual processes and automating

Removing manual processes and automating where possible is important in reducing costs and time spent. Fraud monitoring operations can have a high operational cost which often delays fraud matters being referred to AML teams, requiring costly remediation. A single platform for compliance and fraud management can be configured to automatically approve or deny prospects, while operational workflows can help your compliance team become more efficient.

Improved investigation efficiencies

Compliance platforms improve investigation efficiencies by providing a centralised and organised way to manage and store compliance information and data. This allows investigators to access and review information to make informed decisions quickly.

Increased fraud detection rates

By collecting and analysing large amounts of data, compliance platforms can effectively identify patterns in customer behaviours and identify potential fraud.

Elimination of duplicate effort

By automating repetitive tasks such as data entry, record keeping, and reporting, platforms can reduce the workload of compliance teams and allow them to concentrate on more strategic tasks.

Improved reporting and audit functions

Organisations can improve their reporting and audit functions through access to compliance data, making it easier to generate accurate and up-to-date reports. Organisations can also receive customised reports to meet their specific needs.

Using data to manage risks

Data is critical to managing risk effectively and improving business outcomes. A single platform for compliance and fraud management allows organisations to protect themselves against fraud in a changing environment. Using contextual data, fraudulent behavioural patterns can be identified quickly, allowing businesses to manage financial crime whilst accelerating growth.

A single platform that does it all

A single platform for compliance and fraud allows organisations to protect themselves in an evolving financial crime environment while delivering a secure and frictionless customer experience.

Learn more about how greenID’s new Compliance Platform can help you meet anti-money laundering regulations, minimise fraud and fight financial crime – all in one platform.



Why choose GBG?

Here at GBG, we help you onboard more genuine customers and stay compliant with fast and accurate identity verification. Regardless of your business size or industry, you can tap into powerful global verification solutions to keep bad actors out and protect your business.

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