THE BUSINESS BENEFITS THAT MAY BE HIDING INSIDE YOUR AML/CTF TECHNOLOGY

For many club operators, AML/CTF compliance means cost, administration and complexity, but BNDRY believes the right technology investment can change that equation in ways some organisations may not have considered.

BNDRY, in partnership with Cherryhub, has developed a platform that has quickly established itself as a leading AML/CTF technology offering for some of Australia’s largest and most respected club groups.

Former Leader of Deloitte’s Global Forensic & Financial Crime Practice and current Chairman of BNDRY, Tim Phillipps, said a major benefit of effective AML/CTF technology, and one that is often not factored in, is the reduced effort and time to make compliance decisions.

“We often hear stories of employees doing the right thing by flagging unusual activity, then having the person responsible for compliance spending many days manually pulling data from different systems and compiling spreadsheets before they can even form a view as to whether the activity is suspicious and needs to be reported. The right technology compresses that process to near-instant, removing significant manual intervention and providing comfort that it’s all been comprehensively recorded.”

Freeing up valuable time to reach faster compliance decisions also reduces the burden on staff who may have multiple responsibilities in their venue. Mr Phillipps believes this should be a core reason, outside of compliance itself, as to why clubs should look to adopt new compliance technology.

“Employee time is finite and valuable. The more work AML/CTF software infrastructure can handle, the more time staff have to focus on supporting business operations.

“AML/CTF compliance software can’t absorb ultimate compliance decision-making responsibility, but it should make the process much easier and smoother,” said Tim Phillipps.

Advanced AML/CTF compliance technology can also recognise, identify and risk-assess patrons immediately, which means quicker gaming payouts and a measurably better customer experience.

“Better compliance and better customer experience don’t have to compete. With the right technology, they go hand in hand.”

Mr Phillipps also believes the club industry may be approaching a moment where robust AML/CTF compliance becomes a strong brand asset, not just a regulatory requirement.

“We have seen fraud detection marketing from Australian banks demonstrate a way to make invisible trust, tangible and visible. Club members want to play in a safe environment, free of financial crime wherever possible. Highlighting the use of financial crime-fighting technology within a club environment can reassure management and members that they are better protected and further build trust.”

Mr Phillipps believes that the right compliance infrastructure can also substantially strengthen a venue’s digital ecosystem by improving its data security and access.

“When you invest in secure, well-governed digital infrastructure, you are not just ticking a compliance box – you are signalling to your customers that their data and identity are being protected at every step.

“Confident businesses are often successful ones. When your digital infrastructure is robust, you operate with greater certainty, your customers feel safer and more respected, and that trust flows through the entire business,” said Tim Phillipps

The final benefit is perhaps the most immediately felt by anyone who has run a club. Simple and efficient AML/CTF technology can give managers the time to focus more of their energy on roles geared towards venue or group success.

“On any given day, a manager might be running operations, handling HR, working behind the bar and managing compliance obligations simultaneously.  Sector-focused technology can reduce some of the compliance burden and give managers their attention back for the work that primarily drives venue performance.”

Mr Phillipps said no club was too small or too early in its compliance journey to explore the technology available to them.

“The right AML/CTF technology solution will not just help to protect your venue and keep you compliant. It can free up your people, sharpen operations and potentially even be a powerful trust asset for the future,” said Tim Phillipps.

For more information please visit: www.bndry.net