LAB Group and KordaMentha announce strategic partnership to deliver turnkey AML/CTF managed services
KordaMentha, the independent Australian-owned and led advisory and investment firm, 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 of 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, added, “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.
