ASX-listed Identitii have announced it has signed an agreement with Cherry Hub to deliver an Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) solution tailored to Australia’s hospitality venues, clubs and hotels.
Cherry Hub and its related entities help more than 600 hospitality venues, clubs and hotels meet various regulatory obligations and engage their customers to drive business revenue, using its suite of scalable and fully integrated digital solutions. Identitii is connecting its BNDRY platform to Cherry Hub to enable them to provide a tailored solution that makes it easier for the industry comply with the AML/CTF Act.
Most compliance tools were built for large financial institutions like banks and often don’t meet the needs of other industries like hospitality venues, clubs and hotels. Building and operating a robust AML/CTF program using solutions available today requires multiple licences, software integrations, and supplier agreements. The cost and complexity is a poor fit for thousands of hospitality venues, clubs and hotels.
Using existing platform components and third-party integrations, Identitii’s BNDRY platform will enable Cherry Hub to provide a single compliance hub tailored to hospitality venues, clubs and hotels. BNDRY will connect an ecosystem of AML/CTF solutions and serve them up via existing Cherry Hub integrations, significantly reducing the cost and complexity of building and operating an AML/CTF program.
Commenting on the partnership, Mandy Makryllos, Director of Cherry Hub, said, “Home to more than 180,000 gaming machines, Australia’s hospitality venues, clubs and hotels face challenges in managing their financial crime risks. Our customers have been asking us to help, and we haven’t found a solution tailored to the industry, so we see an incredible opportunity to partner with BNDRY and help the industry not just comply with the AML/CTF Act but improve member and visitor experiences as well.”
John Rayment, CEO of Identitii, added, “We are thrilled to announce this collaboration with Cherry Hub, and look forward to working with them. At a time when AUSTRAC is paying increased attention to hospitality venues, clubs and hotels, our collaboration enables Cherry Hub to make it easier for the industry to manage financial crime risks and realise significant operational and cost efficiencies.
“Looking ahead, a financial crime solution tailored to Australia’s hospitality venues, clubs and hotels, has very similar features and functionality to what the looming Tranche 2 entities will need to comply with the AML/CTF Act. Our partnership with Cherry Hub will see a product in-market that can also help more than 100,000 real estate agents, law and accounting firms from July 1 next year.”
Under the agreement, Identitii will licence its BNDRY platform to Cherry Hub, enabling them to offer a financial crime solution to hospitality venues, clubs and hotels. It is anticipated that revenue generated by the solution will be shared by Cherry Hub and Identitii.
