Trust Your Data and Know Your Customer With illion’s Trust Registry

Posted by Tony Meredith on Dec 10, 2018 3:28:33 PM

illion Trust Registry in action

Taking advantage of illion’s newly released Trust Registry has empowered Australian businesses to radically optimise their trust linking practises saving valuable resources.

To date it’s been impossible for businesses to access a comprehensive registry or central document database that offers insights and detailed information about trusts and, more importantly, the individuals behind them. Using the illion Trust Registry, a manual identification process that previously took six months can now be automated in an instant report. 

The problem every business faces 

At some stage every business will deal with trusts as clients, business partner or investors. The key issue here is the risk of negative exposure for the businesses that engage with trusts without being fully informed. Because trusts regularly lack comprehensive information regarding their point-of-truth - who created it, who manages it as the trustee and who the beneficiaries are - the risk to businesses engaged with them is unknown and therefore unacceptable. Some organisations even decline to trade with trusts, and could be turning away profitable business.

To solve the problem this lack of information presents, illion has built Australia’s first Trust Registry, where businesses can compare and append their trust records against those stored in our database.

How businesses benefit

A leading national transportation company wanted to source an efficient and streamlined process for identifying the trust accounts they possessed across their client portfolios.

Until now, the company was forced to perform routine manual procedures in an attempt to link the trusts accounts with the individuals behind them. The process to link their existing accounts took the company around six months to complete, with many trust accounts remaining unidentified.

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As is the case in most countries, the nature of commerce in Australia means businesses, over time, accumulate hundreds of trusts in their portfolios each year. Every trust account represented a significant security risk, compounding the threat to the business.

In order to aid the business in identifying and categorising their trusts accounts, the illion Trust Registry required data sets from the client which covered public information on the individual as well as business information, when available, such as their ABN and CAN.

The illion solution

The Trust Registry’s primary function is to ‘wash’ a business’s existing data by matching their data with that stored in the Trust Registry database. Information is matched and, where applicable, missing information is appended. This process enriches the value of the client’s database, allowing them to link trust accounts with the individuals behind them.

Using illion’s network of business databases & sources, the Trust Registry reviews millions of customer files using matching intelligence engines. Using ABN and ACN details the Trust Registry links trustees to trusts using its comprehensive datasets drawn from numerous sources.

The transportation company using our data washing functionality supplied illion’s Trust Registry with 5,000 records, which included over 400 trusts from across four of their portfolios.

Many trusts are old documents and only exist in original or scanned paper form. To solve instances where data cannot be compared against illion’s Trust Registry electronically, the use of optical character recognition technology is employed to digitise the information of each trust deed, enabling it to be electronically matched and appended.

illion is able to do this with any paper form of trust deed that is supplied in clients’ portfolios. It’s an automated and time efficient procedure which allows much of the laborious, manual work to be avoided, saving man hours and valuable company resources.

Utilising illion’s Trust Registry and accompanying systems the team were able to quickly produce the report to the client outlaying:

  • Linked trust details
  • Linked trustee details
  • A flag for any file where the trust/ trustee matches information provided by the client

A task the company believed would take six months to achieve was instantly procured with an 81% match rate.

  • Total Records Provided: 5,000
  • Trusts Provided: 408
  • Links established: 329 (81% linkage rate)

The key takeaway

Businesses are time poor and revenue focused. As a result, the required manual process of linking trusts to individuals is costly in both time and resources. The other side of the coin is that continuing to trade with accounts shrouded in trusts represents exceptional exposure to risk, which is a constant threat to businesses. With illion Trust Registry businesses can efficiently source comprehensive data in real-time.

Power your business

Register your details now to take advantage of our data washing ability and discover what you need to know about your customers; A first for trust data in Australia.

Trust Deed Digitising for Businesses

Topics: Know Your Customer, Trusts, Trust Registry