Solutions

AUSTRAC reporting you can rely on

Automate how you identify reportable and non-reportable transactions, and create a single, auditable view of reporting obligations to comply with AUSTRAC rules

AUSTRAC Reporting Today

Identifying IFTI and TTR transactions is highly manual, increasing the risk of financial crime and non-compliance

  • Manual identification of reportable transactions
  • Use of unsecure email, spreadsheet and fax
  • No single source of truth across systems
  • Transaction and customer data sit in silos
  • Globally centralised reporting engines
  • Repeat requests for information from clients

Introducing Overlay+
For complete and accurate AUSTRAC reporting

Automate identification of reportable and non-reportable transactions and spot problems with reporting data early, so they can be remediated prior to being sent to AUSTRAC

Features

  • Single dashboard view of all transactions
  • Seamless data collection from internal systems
  • Manual or automated information collection from clients
  • Four eyes approval to ensure compliance
  • Inbuilt escalataion timeframe to ensure deadlines are met
  • Report directly to AUSTRAC in the right format

Benefits

  • Automate identification of reportable transactions
  • Single view of reportable and non-reportable transactions
  • Reduced reliance on manual processes, including spreadsheets
  • More accurate regulatory reporting, right first time
  • Auditable record of reporting to support your AML framework
  • Real-time status of reportable and non-reportable transactions
  • Compliance teams are free to focus on high value tasks

To learn more about the top five data challenges facing AUSTRAC reporting entities today, download the discussion paper

To discuss how Identitii can help simplify your regulatory reporting, fill in the form below and we’ll be in touch shortly.

Use Case

More accurate IFTI and TTR reporting for AUSTRAC

Banks that conduct business in Australia are required to report transaction data to AUSTRAC under its mandate to reduce financial crime. 

Today, this often requires sourcing data from disparate systems internally to gain a complete picture of a transaction, and with volumes continuing to increase, the burden of reporting will only get higher. 

Reporting, powered by Overlay+ simplifies AUSTRAC reporting for the 14,000 entities required to provide International Fund Transfer Instructions (IFTI) and Threshold Transaction Reports (TTR). It overlays on top of existing technology systems to create a single, shared source of truth for transaction data, reducing operational costs and simplifying reporting.

Know Your Transaction

Request a demo or just connect to learn more