Cherry Hub, a platform that connects venues with innovative digital membership, loyalty and gamification solutions, has announced a collaboration with BNDRY, to build a financial crime compliance solution tailored to hospitality venues, clubs and hotels, that will also improve member and visitor experiences.
In January 2024, Brendan Thomas became the new CEO of AUSTRAC. Since his appointment he has openly expressed concerns about the money laundering risks associated with hospitality venues, clubs and hotels. Under his leadership, AUSTRAC has already taken enforcement actions against non-compliant venues, and there could be more.
The trouble is, most compliance tools are built for financial institutions, not for hospitality venues, clubs and hotels. Building and operating a financial crime compliance program using solutions that are available today requires multiple license fees, software integrations and supplier agreements. The cost and complexity is a poor fit for our industry.
So we’re changing that.
We’ve partnered with BNDRY to make it easier for venues to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act. Using their bank-grade platform, BNDRY will connect existing capabilities and an ecosystem of the best third-party financial crime solutions, to deliver a single compliance hub that will be available in Cherry Hub.
About Cherry Hub
Founded by industry advocates Frank and Amanda Makryllos and software expert Craig Kinross, Cherry Hub provides a wealth of expertise in the hospitality and gaming sector. Their strengths lie in unlocking data and seamless third-party integrations for venues and suppliers to not only better engage with their customers, but to drive business and revenue.
The Cherry Hub marketplace offers a range of scalable, fully integrated digital solutions for digital membership (CherryPass), digital debit card (CherryPay), gamification (CherryPlay), communications (CherryChat) and compliance (Cherry Check).
About BNDRY
BNDRY is an Australian software company helping organisations like Mastercard, Rabobank and Bendigo & Adelaide Bank manage their financial crime risks. Their platform powers the way product, risk and compliance teams manage interactions with customers, partners and any related parties. They help organisations reimagine how risk works by building connected ecosystems that provide a single, integrated view of customer risk.
Mandy Makryllos, Director of Cherry Hub, says:
“Home to more than 180,000 gaming machines, Australia’s hospitality venues, clubs and hotels face challenges in managing their financial crime risks. Our customers have been asking us to help, and we haven’t found a solution tailored to the industry, so we see an incredible opportunity to partner with BNDRY and help the industry not just comply with the AML/CTF Act but improve member and visitor experiences as well.”