FROM MASTERCARD TO THE MEMBERS’ BAR: GLOBAL COMPLIANCE PLATFORM UTILISED BY AUSTRALIAN CLUBS TO FIGHT FINANCIAL CRIME
The Cherryhub and BNDRY partnership has quickly established itself as a leading AML/CTF technology offering for some of Australia’s largest and most respected club groups, despite the industry-tailored compliance solution only formally launching mid last year.
Castle Hill RSL Group, Easts Group, The Juniors Group of Clubs and Twin Towns Services Club are among the early adopters of the joint offering.
The partnership brings together Cherryhub’s deep relationships and member-data infrastructure across the club sector with BNDRY’s financial crime compliance platform — originally designed for and adopted by global financial institutions such as Mastercard and HSBC, and now purpose-built for Australian venues. Together, the two companies deliver one platform that automates and stores KYC checks, risk ratings, investigations, transaction monitoring and compliance reporting.
Amanda Makryllos, Co-Founder and Executive Director of Cherryhub said that the speed of adoption across the club sector had been remarkable but wasn’t overly surprising, “Venues have been waiting for an AML/CTF compliance solution that speaks their language — practical, connected and built for the way they run.”
BNDRY CEO John Rayment said the partnership recognises that clubs operate in a uniquely community-focused ecosystem where community trust and wellbeing are of paramount concern.
“When we speak to board members and CEOs, the conversation eventually moves beyond compliance as a legal requirement,” Mr Rayment said. “They are acutely aware of the devastating impact that financial crime can have on local communities and genuinely want to do their part to help prevent it.
“The growing popularity of the Cherryhub and BNDRY offering is likely because it was primarily designed to support that mission — but it’s also practical and proportionate, built for the way clubs and pubs actually operate,” Mr Rayment said.
Mr Rayment said technology will play an important role in strengthening AML/CTF compliance programs in Australia moving forward. “In the end, regulated businesses cannot delegate their AML/CTF responsibilities to third parties — but that doesn’t mean technology doesn’t have an important supporting role to play.
“Many clubs and pubs are taking a proactive approach to their AML/CTF programs, but may be dealing with manual processes, systems that don’t talk to each other, and fragmented data that is harder to reconcile and access than it should be.
“The combination of Cherryhub’s reach and member-data foundations with BNDRY’s technology provides a one-stop solution to all of those challenges, which ultimately means businesses may run more efficiently and have substantially more confidence in their AML/CTF programs,” Mr Rayment said.
In uncertain economic times, and with the AML/CTF Act widening to now include real estate agents, legal and accounting firms, Mr Rayment believes it is ideal timing for clubs and pubs to review and assess how technology solutions can support their business operations.
“Simple, proven and comprehensive solutions are likely going to be the best fit for clubs and pubs over the long term. Finding that type of technology solution may create new business efficiencies, help to future-proof businesses and — most importantly — help the fight against financial crime in local communities,” Mr Rayment said.
