The regulatory burden facing financial institutions is increasing. Organisations encounter large fines, reputational damage and even personal gaol time for executives, if compliance isn't complete and accurate
The rising cost of regulatory compliance
Regulatory compliance today
80% of data used by financial institutions is unstructured, and spread across legacy technology systems, making it difficult to trust that you have a complete picture
- No single source of truth across systems and formats
- Fragmented systems that don't communicate
- Data sharing via unsecure email, spreadsheet and fax
- Structured and unstructured data
- Transaction and customer data sits in silos
- Manual processes, chasing clients for documentation
How we reduce regulatory risk
For Institutions
Automate how you identify reportable and non-reportable transactions, and create a single, auditable view of regulatory obligations
For Executives
Create an auditable record of client, transaction and reporting data from across systems and formats, so you know reporting is complete
Simplify interactions with reporting entities via a single dashboard that ensures the right transactions are reported on time
Regulatory Risk Insights
Identitii and Mastercard sign MSA
Identitii and Mastercard have signed a five year MSA, the first step towards an ongoing partnership
Reporting Data: Consolidating Across Systems, Silos and Spreadsheets
In our third blog on AUSTRAC reporting challenges, we look at how an inability to consolidate data across systems and processes pushes critical tasks into manual channels, making it harder to demonstrate accurate reporting
Third-party AUSTRAC reporting.
Your responsibilities
Reporting to AUSTRAC via a third-party financial institution or MSB doesn’t remove your responsibility for complete and accurate reporting in the regulators eyes
AUSTRAC reporting and
Legacy (in)Visibility
In our second blog on AUSTRAC reporting challenges, we look at how legacy systems impact identification and reporting of IFTI and TTR transactions
The Covid-19 pandemic has caused a 10 year jump in new payment methods, according to @Bobsguidedotcom and PayU. There has been a “massive acceleration of adoption of both online payments and mobile payments in all of our markets”
https://t.co/2NbF4cYMJR
