PTR reporting is getting a major facelift, thanks to new technology released on the market.
PTR reporting is an essential tool used by the New Zealand Financial Intelligence Unit to detect money laundering and terrorist financing. According to the NZ FIU, “PTRs add further transparency to the financial system by making certain money laundering and terrorist financing typologies even more difficult to hide, as well as improving the detection, and thus disruption, of organised crime, fraud and tax evasion.”
Although necessary for banks and payment providers to meet their AML/CTF obligations, PTR reporting is typically cumbersome and highly manual. The current processes are time consuming, costly, and prone to error. Most recently, a bank in New Zealand was issued a fine because the incorrect data was sent to the FIU in their PTR reports.
Fortunately, PTR reporting to the NZ FIU is about to get a major uplift. Identitii recently announced the launch of their PTR reporting software. The new launch allows regulated entities to have a single overview of transactions, reduce manual processes and error through automation, and ensure complete and accurate reporting.
Long-time customers and users of the Identitii platform have started the process of transitioning to access and utilise NZ PTR capabilities.
Commenting on the announcement, John Rayment, CEO of Identitii said:
“Regulators all over the world are cracking down on non-compliance with anti-money laundering and counter terrorism financing regulations in a bid to curb financial crime. Yet getting a single view of transaction data across the organisation has always been hard, in particular when compliance is managed by spreadsheet. We are pleased today to extend our offering to support over 5,000 New Zealand reporting entities so they can benefit from increased transparency and improved assurance, as well as more automation when it comes to AML/CTF reporting.”