Identitii has launched a software-as-a-service platform to help firms cut non-compliance reporting risks with anti-money laundering (AML) and counter-terrorist financing (CTF).
Identitii is built on a private blockchain and provides a way for banks and corporates to securely overlay documents and information on financial messages moving via the existing infrastructure, using Identitii Tokens.
According to the Sydney-based Identitii, the new cloud-based platform – which will be available immediately – will deliver end-to-end automation of Australian Transaction Reports and Analysis Centre (AUSTRAC) reporting and will future proof compliance by accepting any payment file format used today.
The platform will be easily adaptable for regulatory requirements in other jurisdictions, with the UK, Canada and New Zealand among some of the next countries to be added. The platform will provide reporting entities with visibility over what has and has not been reporting and claims to overcome the challenges associated with using spreadsheets to manage compliance.
Identitii stated the new platform will expand on the capabilities of the its existing AML and CTF reporting solutions and makes it simpler for mutual banks, money service businesses, casinos, non-bank financial institutions and superannuation funds to ensure accurate and complete regulatory reporting.
Identitii CEO John Rayment said, “$10.5bn 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.”
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Copyright © 2018 RegTech Analyst