Subscriber login:
Select your location:
Meet your AML/CTF obligations
ACQUIRE
VERIFY
ASSESS
AML/CTF Obligations
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) was introduced to help detect and prevent money laundering and terrorist financing. The reforms are a major step towards:
- Enabling Australia's financial sector to maintain international business relationships,
- Preventing and detecting money laundering and terrorism financing by providing law enforcement agencies with information about possible criminal activities,
- Bringing Australia into line with international standards.
A key obligation of the new legislation is to assess your money laundering and terrorism financing risks, and establish a tailored AML/CTF programme addressing that risk.
These obligations are known as Know Your Customer (KYC) requirements, and were effective 12 December 2007. For more detailed information outlining your requirements, please see the following link www.austrac.gov.au.
Electronic customer identity verification helps you meet these obligations
The good thing is, we have a variety of solutions to help you adhere to your AML obligations.
Our electronic customer verification product suite has been designed to help you address your KYC obligations under AML/CTF legislation. It also helps you to:
- Standardise your decision-making,
- Acquire customers faster which makes for a better customer experience and increased customer satisfaction, and
- Reduce operational costs.
The product suite of flexible tools will help you verify your customer's identity online (both individuals and commercial entities) using comprehensive, "reliable and independent"[1] data sources available for identity verification in Australia.
What else should I know?
Using our electronic customer identity verification services helps you achieve the customer identity verification part of the AML/CTF legislation. In addition, you must also comply with other steps.
If you have questions about your legal obligations, you need to review the AML/CTF Act and Rules, and obtain independent legal advice.
If you have questions, or would like to talk to one of the team to discuss how our Identity Verification Suite could assist your business, please call 1300 921 621.
[1] This term is not defined by the AML/CTF Act or the Rules. Reporting entities need to consider what electronic data is reliable and independent based on its own risk based systems and controls.
For more information on our products and services designed to help you target customers, verify identity and assess risk and potential
Call our Specialists
1300 921 621
