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US-based AML compliance technology company Kinectify says it has signed on with four New South Wales clubs to help modernize their anti-money laundering compliance programs.
At a time when government and regulators are increasing their scrutiny on Australia’s expansive clubs industry, Kinectify revealed that Campsie RSL Group, St. Marys Rugby League Club, Club Burwood RSL Group, and DOOLEYS Lidcombe Catholic Club are all investing in the group’s technology with a view to enhancing risk visibility, improving monitoring, and supporting high-quality regulatory reporting.
Technology And Compliance Needs
Kinectify Founder and CEO Joseph Martin said Australia is setting a new benchmark for AML compliance in the gaming sector, and leading clubs recognize that effective risk management requires more than people alone; it also requires technology.
Martin stated that AML compliance is all about information processing. It is through technology that it can gather, analyze, and monitor a large volume of data that allows the compliance team to interpret the information, evaluate risks, and make decisions.
Given that regulations have become increasingly complex, there are some clubs that are showing leadership in integrating technology in order to manage risks, perform customer due diligence, and provide regulatory reporting. According to Kinectify, they are proud of working with organizations such as Campsie, Burwood, St. Marys, and DOOLEYS, as they show leadership in this industry.
Regulatory Environment
In their announcement of the partnerships, Kinectify pointed out that the regulators in Australia have become more aware of the need for comprehensive AML policies in the gambling industry, where AML/CTF changes will further increase the compliance requirements.
It further pointed out that technology is becoming more and more crucial in assisting the venues to keep up with increased compliance obligations, detect risks, conduct investigations, and provide for regulatory reporting.
Kinectify stated that they will offer locally tailored solutions which are suited for the Australian regulation, including workflows for reporting to AUSTRAC in respect of Suspicious Matter Reports and Threshold Transaction Reports.
Club Perspectives
As regulatory expectations continue to evolve, gaming operators need technology that helps them better understand customer activity, identify potential risks earlier, and make more informed decisions, said Nathan Titmuss, interim CEO at DOOLEYS Lidcombe Catholic Club.
Titmuss said Kinectify’s platform provides greater visibility into customer risk and helps streamline key compliance processes, enabling the team to focus on the areas that matter most while supporting the ongoing commitment to responsible operations and regulatory compliance.
Implementation And Capabilities
Kinectify is deploying localized capabilities designed specifically for the Australian regulatory environment. This includes the technology’s ability to have AUSTRAC reporting processes that can facilitate suspicious matter reporting and threshold transaction reporting.
This would seek to aid the operators in the process of ensuring that they report efficiently while at the same time adhering to high levels of compliance.
Leadership Within the Industry
The four firms are exhibiting leadership through the use of technology, which helps improve risk management, client due diligence, and regulatory reporting. These collaborations can be attributed to how the industry is responding to rising regulation and compliance needs.
Kinectify’s technology helps compliance officers concentrate on analysis, risk evaluation, and decision-making. The technology gathers, analyzes, and monitors huge amounts of data to help facilitate good regulatory reporting.
Source: Inside Asian Gaming
