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Racing Industry Transition Agency - AML/CFT programme

Supporting a suite of comprehensive technical and business changes to achieve compliance under the New Zealand AML/CFT Legislation.


Background


RITA (formerly the New Zealand Racing Board) is classified as a reporting agency under the Anti-Money Laundering and Countering the Financing of Terrorism Act 2009.


To meet obligations set out in the act, RITA was required to undertake a programme of work to install new systems and processes which would assist in detecting and preventing money laundering and the financing of terrorism through their various betting platforms. RITA created a project team to plan and enact these changes in time for the legislative deadline of 1 August 2019.

Our Role


X4 Consulting was engaged by RITA to support several key technology changes within the AML/CFT Programme. Our consultants worked in a number of areas in the project, including:

  • overseeing the scrum teams

  • formulating and organising the task inventory and backlog and

  • assisting with sprint planning.


X4 worked alongside other vendors and RITA staff to implement a series of technical changes including integrating new software and updating legacy systems. Work included:

  • formulating system rules to detect possible money laundering

  • mapping out a new customer registration process with enhanced document verification requirements during the “Know Your Customer” check.


X4 also contributed significantly to the legislative training programme necessary for compliance. Key activities included:

  • creating a timeline for the work

  • orchestrating the collection of staff data

  • undertaking data processing and clean up and

  • liaising with vendors and RITA developers to integrate the new LMS.

Benefits & Outcomes


The agile expertise provided by X4 enabled RITA to plan and implement the AML/CFT programme effectively and complete the required changes by the 1 August deadline. The scrum teams worked efficiently and overcame challenges, with project leadership and RITA Executive Leadership kept well informed of progress.


X4 assisted in configuring the new software and this was integrated effectively with legacy systems. As a result, RITA now has a comprehensive transaction monitoring system and ongoing legislative training embedded into their BAU operations, with staff confident that they will be able to continue to meet their obligations under the AML/CFT Act 2009.



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