Identitii Simplifies AML and CTF Reporting with launch of new SaaS Platform

  • SaaS
  • 02.09.2021 10:35 am

ISO 20022 ready platform automates regulatory reporting to reduce the risk of non-compliance

Identitii Limited (ASX:ID8) (Identitii, Company) is pleased to announce the launch of a brand-new Software-as-a-Service (SaaS) platform designed to help reduce the risk of non-compliance with international anti-money laundering (AML) and counter-terrorist financing (CTF) reporting obligations, starting with Australia’s AUSTRAC. Available immediately, the cloud-based platform delivers end-to-end automation of AUSTRAC reporting and future proofs compliance by accepting any payment file format used today as well as offering transformation from SWIFT FIN files to the new global ISO 20022 standard.

Initially available for AUSTRAC reporting in Australia, the platform easily adapts for regulatory requirements in other countries, with New Zealand, the UK and Canada among the next jurisdictions to be added. The platform provides reporting entities with visibility over what has and has not been reported, and overcomes the challenges associated with using spreadsheets to manage compliance, significantly reducing the amount of manual processing needed to identify, collect and report cross-border and large value payments to regulators.

Commenting on the announcement, John Rayment, CEO, Identitii, says: “US$10.5Billion was levied for non-compliance with AML and CTF regulations in 2020, however complete and accurate reporting isn’t as easy as it sounds. There is still wide-spread use of spreadsheets to manage compliance, issues around the quality and accuracy of data, and a lack of visibility into what has been reported and why.

“At the same time, the cross-border payments world is changing. The global financial services industry is migrating to the new global ISO 20022 standard and this will have significant impact on both internal payment systems and reporting compliance, as financial institutions and regulators undertake large technology upgrade projects to adopt the new standard. 

“Together these issues mean it is vital for reporting entities to ensure they have robust AML and CTF processes and procedures that support their business today and into the future.”

“Identitii set out to address these challenges not only for the large financial institutions we already work with, but for any reporting entity that has AML and CTF reporting obligations. Whether they report 500 or 15 million transactions a year, we’re thrilled to be able to help reporting entities achieve transparent, auditable and accurate reporting, initially to AUSTRAC in Australia, with our new SaaS platform launched today.”

Identitii’s new SaaS reporting platform expands on the capabilities of the Company’s existing AML and CTF reporting solutions, and makes it easier for Mutual Banks, Money Service Businesses, Superannuation Funds, Casinos and Non-bank Financial Institutions to ensure complete and accurate regulatory reporting.

The platform captures payment data in any format, including ISO 20022 and SWIFT FIN (MT and MX) formats and validates transactions against inbuilt AUSTRAC rules and any custom rules added to satisfy internal compliance and risk profiles. A management dashboard provides complete visibility of what is and isn’t reportable, reporting status and any exceptions that require additional investigation or information to be added prior to being sent to AUSTRAC.

Where the information needed to report to AUSTRAC is missing, exceptions are passed into a digital workflow that manages remediation and approvals to AUSTRAC service level agreements (SLAs) to ensure deadlines are not missed, before being submitted directly to regulators from within the platform. 

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