Financial institutions in Australia are required to report IFTI's (International Funds Transfer Instructions) to AUSTRAC under the Financial Transaction Reports Act (FTR Act) in existence with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). SIRA is a Microsoft Windows based application, developed by Decillion Solutions Australia, which enables a bank to automate the creation of IFTI reports. It does this by extracting SWIFT payment messages (e.g. MT 103) from batch files produced by SWIFT Alliance Entry/Access and automatically generates a text file in a format specified by AUSTRAC. Using this program to generate IFTI reports takes only a few seconds, thereby saving your business hours, sometimes days of tedious data entry.

PLEASE NOTE: SIRA can also be adapted for reporting requirements in other countries other than Australia.

Product Features

  • GUI (Graphical User Interface) based application.
  • Does not need to be installed on the SWIFTAlliance server.
  • It only takes a few seconds to generate an IFTI report.
  • Can simultaneously process several SWIFT batch output files to produce one AUSTRAC report.
  • The SIRA reporting algorithm filters the SWIFT messages to ensure only reportable messages are sent to AUSTRAC.
  • Additionally, for outgoing payment messages, SIRA can be configured to only extract messages that are acknowledged as sent successfully (i.e. ‘ACKed’) by SWIFT. SIRA can be also be configured to enrich the AUSTRAC report by adding a BSB to each outgoing payment messages.
  • The output file can be directly uploaded to AUSTRAC via the EDDS-Web internet site.
  • Once input files have been processed successfully, they are moved to a ‘Processed’ folder thereby preventing duplicate information from being sent to AUSTRAC.
  • An audit trail/log file is produced to track which SWIFT input files have been processed and when, the output file names, and the number of messages extracted. The product is maintained by Decillion to ensure on going compliance with the SWIFT IFTI reporting requirements of AUSTRAC.