Global Coverage - Australasia

Global Coverage - Australasia

The Australian, New Zealand and Asian markets are still in their infancy in regard to identity verification but it is one of the strongest emerging markets given changing global legislation and the huge online community in these regions. In addition, the recently enacted AML/CTF Act in Australia has set a precedent for identity verification requirements in the region.

Australian AML Legislation

The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) covers industry sectors with obligations under existing legislation, including:

• the financial sector (banks; building societies; credit unions; lending, leasing and hire purchase companies; issuers of travellers’ cheques; foreign exchange dealers; asset management companies; remittance dealers; financial planners who arrange for the issue of products; life insurers; superannuation fund managers; custodial service companies; cash couriers, and securities dealers)
• the gambling sector (casinos, internet and electronic gaming service providers, bookmakers)
• bullion dealers, and
• other persons or businesses, such as lawyers and accountants, which provide designated services.

The AML/CTF legislative package places key obligations on providers of financial services which are at risk of exposure to money laundering or terrorism financing.

The cornerstone of the AML/CTF regime is that businesses know their customers. The regime requires reporting entities to carry out customer identification and verification of that identification. Reporting entities have to carry out customer ‘due diligence’ which will require that reporting entities monitor customer transactions on an ongoing basis.

Other important obligations include reporting obligations, under which businesses are required to report suspicious matters, international funds transfer instructions, and transactions which exceed the thresholds set in the legislation as well as record keeping obligations.

GDC can assist Australian and international companies to become compliant with this Act by implementing a quick, seamless and efficient identity verification solution.

Some examples of countries within this region for which GDC can assist with identity verification are below:

• Australia
• New Zealand
• China
• Indonesia
• Japan

with strong coverage across many more Australasian countries.

Please Contact Us to discuss Australasian identity and age verification solutions.