To better automate International Funds Transfer Instruction (IFTI) reporting to AUSTRAC, Rabobank Australia will employ an Identitii cloud-hosted platform.
A $100,000 annual recurring licence charge and an initial $80,000 payment for professional service fees for onboarding and customisation are included in the five-year agreement.
Identitii will be working with Rabobank for the first time. HSBC, Standard Chartered Bank Australia, and Novatti Group are among its other clients.
Identitii’s software automates reporting to Australia’s financial crime agency for anti-money laundering and counter-terrorist financing (AML/CTF).
In a statement, Identitii CEO John Rayment said, “Rabobank is a wonderful example of a financial services organisation using more automation for IFTI reporting to AUSTRAC.”