Monoova automates AUSTRAC reporting

Monoova has opted to automate its AUSTRAC reporting obligations by adopting Identitii’s cloud-hosted platform.

The Australian fintech, which operates in the business-to-business payment space, entered into a new year-long software licence agreement with Identitii, which the latter reported to be worth $600,000.

The platform assists customers to automate reporting for anti-money laundering and counter-terrorist financing (AML/CTF) to Australia’s financial crime watchdog.

Identitii also has deals in place with other financial companies including Rabobank Australia, which signed onto the platform last June.

Monoova CEO Christian Westerlind Wigstrom said the partnership “is just one way that we are demonstrating our commitment to continuously reviewing and improving our regulatory compliance programs."

“Providing fast, digital payments at scale means we need best in class compliance programs to ensure we can meet demand and continue to provide innovative new solutions to the market," he said.

Wigstrom added that Monoova is investing across its business “to make it easier for customers and regulators to work with us by streamlining and automating compliance.”