I-Financial, the international banking software developer, has recently expanded its operations to Australia.
Shortly after the office opened in Sydney in November 2007 i-Financial signed its first client for its MLTrac Online product.
MLTrac Online is a series of web-based compliance tools that together help identify, track and regulate potentially suspicious or illegal activities in respect of money laundering and/or the proceeds of crime.
The Financial Services Group, Austock, who are headquartered in Melbourne, have taken two of MLTrac's five modules as part of its compliance activity, which has become more heavily regulated in Australia following new legislation in December 2007.
Austock will use MLTrac Online to capture data and relevant documentation for new customers in Melbourne, Sydney and Brisbane with the online capabilities of MLTrac permitting the final customer risk review and approval to take place centrally by the compliance team in Melbourne.
Dale Leiner, Austock's General Manager Operations said, "We are delighted to find such a comprehensive, flexible but straightforward system for our operations. The fact that MLTrac was developed by i-Financial, who have a long experience in banking and financial software, added credibility to the product".
Terry Day, Managing Director of i-Financial, said, "To have a first sale so soon after opening is very exciting, and we are looking forward to building our presence in Australia and other overseas countries as we continue to expand our operations.
Austock are now live with MLTrac and using it daily.