IMX Software, the global leader in banknote trading and travel money technology solutions, today announced that its Anti-Money Laundering (AML) solution for foreign exchange transactions has been deployed across 28 Australian branches of The Change Group.
The solution directly addresses recent changes in Australian AML regulation which requires banks and retail outlets to comply with more stringent reporting obligations.
Deploying IMX's AML solution can dramatically ease the compliance burden on an organisation and reduce the need for manual checking of data on compliance issues. The solution assists with real-time fraud detection at point-of sale and flags and reports suspicious transactions in the format required for national compliance regulations. Quick to deploy, the AML solution is a turnkey solution that adds comprehensive compliance functionality to the IMX Foreign Exchange point-of-sale system and is available as both a browser-based and desktop version.
IMX product manager, Tim Shaw commented, "We're focused on providing solutions for the foreign exchange industry that are quick to implement and can help businesses easily navigate their way through regulatory obligations." Shaw continues, "Compliance with the latest AUSTRAC requirements involves operational scrutiny and reporting across an entire organisation, which is difficult to achieve effectively without good quality systems automation software. Our automated AML solution has given The Change Group the tools to avoid the heavy penalties of being found non-compliant."
IMX's AML solution can be tailored for various jurisdictions where an organisation may operate and has the advantage of providing visibility across The Change Group's entire Australian operation, not just a single branch.
Carl Bailey, Australasian General Manager of The Change Group added, "The Change Group is a long standing customer of IMX and we have had IMX's POS system in place for many years. In many ways it has been a natural progression to use IMX to also support our AML reporting obligations and the whole process has been very successful. IMX delivered an AML solution within a short period of time that has not only helped us to comply with recentecent changes in regulation, but was also customised for the specific needs of our business."
IMX's AML solution complies with new and more stringent anti-money laundering regulations in Australia which requires banks and retailers to report three types of foreign exchange transactions to AUSTRAC, namely, transactions over AUD$10,000, wire transfers and suspicious matters.