Identitii and Cherry Hub to partner on new hospitality and gaming sector financial crime platform

Identitii (ASX: ID8) has joined forces with digital marketplace Cherry Hub to offer an anti-money laundering and counter-terrorism financing (AML/CTF) solution to Australia’s hospitality venues, clubs and hotels.

Under the terms of the agreement, Identitii will connect its flagship BNDRY risk and compliance platform to Cherry Hub to make it easier for over 600 industry venues with more than 180,000 gaming machines to comply with the national AML/CTF Act.

The Act exists to prevent money laundering and terrorism financing by imposing obligations on businesses and individual operators.

Reduced cost

BNDRY will connect an ecosystem of AML/CTF solutions and serve them up via existing Cherry Hub integrations.

This will significantly reduce the cost and complexity of the multiple licences, software integrations and supplier agreements otherwise required to build and operate a dedicated AML/CTF program.

Identitii and Cherry Hub will shared all revenue generated by the solution.

Austrac clampdown

Identitii chief executive officer John Rayment said the partnership with Cherry Hub follows a move by Australian financial intelligence agency Austrac to clamp down on businesses.

“At a time when Austrac is paying increased attention to hospitality venues, clubs and hotels, this collaboration will enable Cherry Hub to make it easier for the industry to manage financial crime risks and realise significant operational and cost efficiencies,” he said.

“Our financial crime solution in-market will also help more than 100,000 real estate agents, law and accounting firms that will come under an expanded scope of the AML/CTF Act from July next year.”

Digital platform

Cherry Hub is a platform that connects venues with innovative digital membership, loyalty and responsible gambling and alcohol compliance solutions.

Industry advocates Frank and Amanda Makryllos and software expert Craig Kinross, who offer a wealth of combined expertise to the hospitality and gaming sector, founded the company in 2014.

The Cherry Hub marketplace offers a range of scalable and fully integrated solutions including digital membership (Cherrypass), a digital debit card (Cherrypay), gamification (Cherryplay), communications (Cherrychat) and compliance (Cherrycheck).