Identitii (ASX: ID8) has partnered with Cherry Hub to deliver an anti-money laundering and counter-terrorism financing (AML/CTF) solution to Australian hospitality venues, clubs, and hotels. The agreement will see Identitii’s BNDRY risk and compliance platform integrated with Cherry Hub, streamlining compliance with the national AML/CTF Act for over 600 venues and 180,000 gaming machines. The AML/CTF Act aims to prevent money laundering and terrorism financing by imposing obligations on businesses and individual operators.
The BNDRY platform will connect an ecosystem of AML/CTF solutions, accessible through existing Cherry Hub integrations, significantly reducing the cost and complexity of building and operating dedicated AML/CTF programs. Identitii and Cherry Hub will share the revenue generated. Identitii’s CEO, John Rayment, highlighted the partnership’s timeliness, noting increased scrutiny from Austrac, Australia’s financial intelligence agency. The solution is aimed to help the hospitality industry manage financial crime risks and achieve operational and cost efficiencies.
