Identitii: Simplifying and Automating Financial Crime Compliance

Except for essential services, most countries shut their operations due to the coronavirus pandemic. This crisis has generated compliance concerns that financial businesses need to address quickly. Companies are more liable for compliance failure than ever before due to the unstructured nature of their data that is spread across legacy technology systems, which makes it even more difficult for decision-makers to obtain a holistic view of their operations. This leads to the formation of fragmented approaches that can hinder a company's compliance, and Identitii (ASX: ID8), a financial compliance solution provider, helps businesses overcome this obstacle.

Identitii was founded in 2014 with the vision to bridge the gap between increasing demand from regulators and customers for more information on financial transactions. It enables the automation of financial crime, compliance and simplifies it for easier access across secure channels. Its platforms overlay with the client's current systems without the need to upgrade networks and create a single dashboard for viewing compliance information and enable secure sharing of those internally or with counterparts.

Identitii is bringing legacy systems together to accelerate digital transformation, improve customer experience affordably. It increases the business's suitability by creating a complete and auditable record of transactions for regulatory compliance activities.

It structures the unstructured data to make it easier to identify, search and share.

Identitii offers Overlay+, a digital transformation lifecycle for complete and accurate AUSTRAC reporting. It automates how a user identifies IFTI and TRR transactions, creates a single, auditable view, and enables analysis. The tool seamlessly collects data from internal systems and ensures compliance. This reduces reliance on a manual process and increases the accuracy of regulatory reporting. Auditable records of reporting are supported by AML (Anti- Money Laundering) framework, and the real-time statuses of transactions can be monitored. It enables the compliance team to focus on high-value tasks and ensure the efficiency of operations. Overlay+ also offers Migration Solutions to secure sharing of data and clearing, remittance, and regulatory compliance. This maintains data integrity during transactions and provides an unalterable, tamper-proof audit trail for every transaction. Overlay+ also offers Foreign Exchange solutions to create an end-to-end digital information workflow for FX transaction information, enabling the internal teams to focus on more crucial tasks. Users can manage overhangs and payment exceptions by automating the process and streamlining customer outreach.

Nowadays, the Regulatory fragmentation and stringent AML and KYC/KYCC requirements are multiplying business expenditure. One can avoid this by reducing the risk of correspondent banking by improving local transparency and compliance. Identitii enables its clients to maintain AML, KYC, and KYCC compliance across several jurisdictions. Overlay creates a single, transparent and auditable view that ensures complete and accurate AML/CTF reporting and creates a standardized network for all the financial data.

Identitii recently signed a Memorandum of Understanding (MOU) with CBA New Digital Businesses (x15ventures) to develop Payable, a seamless lower cost option for today's debit process leverage critical new open banking technologies. Identitii has also recently received U.S. patent approval for its secure financial information sharing ecosystem. This approval is a massive milestone for Identitii, which will potentially increase its competitiveness in the U.S. and generate new revenue streams for the company.