No Material Non Compliance Findings by Independent Expert
Sydney, July 21, 2020 AEST (ABN Newswire) - iSignthis Ltd (
ASX:ISX) Shareholders may recall that the ASX directed ISX to engage a partner from one of Australia's top law firms - law firms nominated by the ASX - to conduct an Independent Expert review.
The Independent Expert review has been completed and was jointly authored by two partners of Clayton Utz.
The findings speak for themselves, and we encourage shareholders to read the attached in full.
On the issue of material announcements, the Company's approach has been consistent, and it has met its continuous disclosure obligations.
We are pleased that the findings of the Independent Expert with regards to the practices of Company have been consistent with best practice of an ASX300 Company. This is despite the majority of materials that were reviewed by the Independent Expert relating to a time when the Company was in startup phase, ahead of ISX's eventual entry into the ASX300 (albeit only for a few days).
As with any policy or procedure, there is always room to improve, and the Company welcomes the constructive review and recommendations from Clayton Utz.
The Company has accepted the umpire's decision. Where the Independent Expert has found that there have been shortfalls, we will improve.
The Independent Expert's recommendations will be implemented in the Company's Continuous Disclosure Policy.
ASX Reaction
The ASX's reaction to the Independent Expert report has been unexpected, even under these unique circumstances. Aside from blocking release on Friday, we are now aware that over the weekend the ASX has engaged in an unseemly squabble with the Independent Expert.
For the ASX to place pressure on the Independent Expert - one of its own choosing - simply because it does not like its findings is an unprecedented and extraordinary act from the self-declared 'heart' of the Australian financial markets.
As we have said for many months, the ASX has been unable to separate its role as market operator, from that of being the defendant in $50m plus damages claim brought by ISX.
The ASX, in its role as defendant, may not like the Independent Expert report. But that is no justification for the ASX as an Australian Market Operator to ignore its licence obligations and prevent the release of the report.
ISX believe that the ASX is now running further risk of misinforming the market by withholding material information.
To view the Independent Report, please visit:
https://abnnewswire.net/lnk/4140U9N4
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.
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