International Payment and Transaction Monitoring Association
Charter 2015 – 2016
The International Payment and Transaction Monitoring Association (hereafter IPTMA) was founded in 2014 as a response to increasing regulatory enforcement and the subsequent need to scrutinize relevant information by the institutions conducting transactions.
Technological developments are making it easier for criminals and terrorists to move “value” around the world. As a result regulators and regulated entities need to ensure, to the best of their ability, that all transactions they enter into or monitor are legitimate.
IPTMA brings together like minded regulated entities that want to follow the laws of the land and apply best practice to enhance their industry and support the community.
IPTMA Purpose & Solution
The sharing of information between the many different parties involved in a transaction has proved to be an obstacle that has resulted in the closure of many bank accounts. The purpose of IPTMA is to address these issues and in doing so facilitate both the banks and their clients’ needs, enabling them to continue to trade together successfully.
IPTMA will provide regulated entities with the means to demonstrate that they have adhered to all the requirements their industry regulators demand.
IPTMA will provide banking institutions with a world leading tool. Giving them the ability to look beyond the host client and, with exceptional clarity and transparency, allow them to observe the history of “secondary clients” while highlighting that all transactions have passed stringent security checks whereas previously they have relied on “good faith”.
IPTMA technology monitors every subscriber’s transaction both current and historic. By cross-referencing it is possible to highlight any potential threat in a transaction that could affect a payment alert rating. Prior to the IPTMA programme this has been impossible.
IPTMA is a secure gateway between Subscribers and market recognised service providers. Notification of any immediate alerts will automatically be sent to the member. In addition ongoing monitoring takes place to provide further alerts to members if they arise.
On the successful completion of the checks and screening both IPTMA and the member will be informed of the outcome. The results are collated and monitored by IPTMA giving Banks the ability to log into the secure IPTMA portal and access the information that relevant checks and transaction monitoring have been completed satisfactorily.
- Registration with the appropriate regulator;
- Adherence to all applicable regulatory requirements and standards;
- Authorise IPTMA to share specific information with regulated institutions who facilitate their ongoing business;
- Subscribers will stop the transfer of “value” before it is sent to an undesirable person or destination where possible;
- Subscribers support only legitimate clients and work under the core value that fewer “clean” clients is better than a larger client base containing unacceptable risk;
- Authorise IPTMA to display their company name on the IPTMA website www.iptma.com.
IPTMA reserves the right to remove or suspend any subscriber found to have breached their responsibilities or whose actions damage the the reputation of the subscription base at large.
The Rights of Subscribers:
- Access to a portal that displays necessary payee and beneficiary details to institutions facilitating business.
- Access to a gateway to service providers who perform KYC, AML, CTF and PEP screening services.
- Access IPTMA’s online subscriber’s resources such as relevant media publications, publications on best practice and subscriber discussion forums;
- Expect IPTMA to be a vocal supporter of their industry within public forums;
- Promote their organisation within IPTMA in internal and external communications;
- IPTMA will not breach any privacy laws in Australia. Pertinent information will be presented in such a way to ensure this is the case;
- IPTMA will ensure security and firewalls are in place protecting subscriber’s data base information;
- IPTMA servers will be in Australia supported by local staff.
Chief Executive Officer
25 November 2015