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 global ISO 20022 standard.
Initially available for AUSTRAC reporting in Australia, the platform 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, reducing the amount of manual processing needed to identify, collect, and report cross-border and large value payments to regulators.
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.
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