Compliance with Continuous Disclosure Requirements
The Company notes that the review was at the direction of the ASX, and that it has come at a cost of greater than A$170,000 to shareholders of iSignthis.
The Company believes that the Executive Summary, which represents the "findings" should be made available via the ASX Market Announcement Platform. In the Company's opinion, the fact that the report was directed by the ASX, and was produced by an Independent Expert acting in accordance with their understanding of the brief, should require that it be made available in order to maintain an informed market.
The Expert has recently confirmed that the body or the workings of the report are not for publication, on our understanding that the level of (operational) detail and presentation of such has not been in a format suitable for publication.
In response to rumours that the Company determined the Independent Expert's scope with regards to the Visa termination review;
- the scope was set by the Independent Expert after a series of email from Kevin Lewis, the then Chief Compliance Officer of the ASX in mid June 2020
- we confirm that iSignthis was not in any way involved in setting the scope.
iSignthis position is that the Independent Expert has discharged its obligations under its scope, and has been afforded access to the relevant documentation.
The Visa termination itself is the material event, and that has been dealt with by ISX's announcement on the 24th May 2020. All matters prior to the termination were a component of a negotiation, were incomplete, and were not in iSignthis' opinion required to be announced under Listing Rule 3.1.
Further, iSignthis is aware that the ASX has been in communication with the Independent Expert post the report being provided to the ASX, and the ASX has requested the Expert to consider further material that has been made available by the ASX.
Subsequent to those ASX communications and additional material, the Independent Expert has confirmed to ISX in writing that it has delivered its final report to ISX in accordance with the scope of the report.
The report is available from:
About iSignthis Ltd
iSignthis Ltd (ASX:ISX) (FRA:TA8) is a hybrid monetary financial institution and also a RegTech leader in remote identity verification, payment authentication with deposit taking, transactional banking and payment processing capability. iSignthis provides an end-to-end on-boarding service for merchants, with a unified payment, electronic money and identity service via our Paydentity(TM) and ISXPay(R) solutions.
By converging payments and identity, iSignthis delivers regulatory compliance to an enhanced customer due diligence standard, offering global reach to any of the world's 4.2Bn 'bank verified' card or account holders, that can be remotely on-boarded to meet the Customer Due Diligence requirements of AML regulated merchants in as little as 3 to 5 minutes. Paydentity(TM) has now onboarded and verified more than 1.5m persons to an AML KYC standard.
iSignthis Paydentity(TM) service is the trusted back office solution for regulated entities, allowing merchants to stay ahead of the regulatory curve, and focus on growing their core business. iSignthis' subsidiary, iSignthis eMoney Ltd, trades as ISXPay(R), and is an EEA authorised eMoney Monetary Financial Institution, offering card acquiring in the EEA, and Australia.
ISXPay(R) is a principal member of Mastercard Inc, Diners, Discover, (China) Union Pay International and JCB International, an American Express aggregator, and provides merchants with access to payments via alternative methods including SEPA, Poli Payments, Sofort, PRZ24 and others.
Probanx Solutions Ltd, a wholly owned subsidiary of iSignthis Ltd, provides API based access to CORE Banking solutions, SEPA Core, SEPA Instant and SEPA business scheme, for neobanks, banks, credit unions and emoney institutions, and provides a bridge to the Eurosystem's Central Bank of Lithuania's CENTROLink service.