Since 2007 the Anti-Money Laundering and Counter-Terrorism Financing Act (2006) (AML/CTF) has mandated obligations on reporting entities which provide a designated service. Designated services are provided by banks, nonbank financial services, remittance (money transfer) services, bullion dealers and gambling businesses.
To meet these obligations, over 14,000 Australian organisations need to conduct enhanced customer due diligence, transaction monitoring, threshold and suspicious matter reporting, record keeping, correspondent banking controls and the implementation of an AML/CTF program. From 1 January 2016 these obligations were tightened to additionally require:
- Identification and verification of individuals and companies using independent, reliable data
- Collection and verification of beneficial ownership and control
- Implementation of PEP & Sanctions Screening for customers and beneficial owners
- Implementation of ongoing risk-based AML management and Customer Due Diligence processes.
Compliance with the AML legislation can be costly; non-compliance can be even more costly.
From September 2016 the legislation was further amended to allow reporting entities to collect information about their customers from providers like Equifax, rather than collecting all information directly from their customers.
How Equifax helps businesses across the AML lifecycle
Whether you're looking to on-board new customers quickly and efficiently, or establish an ongoing Customer Due Diligence program, we have the data, solutions and know-how to help you meet your AML obligations.
We can help you:
Equifax can help you collect AML information directly from your customers. We provide white labelled customer onboarding web forms as part of our AML and Credit Decisioning offering.
Business Verification and Beneficial Ownership
Confirm a business is valid and registered in Australia against ASIC, ABR and ATO registers. Quickly identify Beneficial Ownership and use our visualisation tool to fast track your interpretation of your customers’ corporate structures. For foreign entities our overseas partner provides information suitable for AML purposes on over 65 million companies in 230 countries.
Use Australia’s most comprehensive electronic identity verification service to verify individuals. Layer in the fraud assessment components to get the complete picture of your customer. Our locally hosted Politically Exposed Persons (PEP) check screens against a global database of over 1.3 million entities in 240 countries. For sanctions checks, we screen against
100% of all publically available regulatory global watchlists.
Ongoing Customer Due Diligence
Keeping on top of changes to your customers is simple with automated alerts. Be the first to know of changes to your AML customer base that may impact their risk profile. For annual customer due diligence requirements, utilise our batch service for re-verification of your existing customer base.
Get breaking news on customer credit defaults, name changes, loan applications, bankruptcy proceedings and more with Commercial Alerts from Equifax.
Commercial Entity Validation
Get peace of mind that you are dealing with a legitimate business, and reveal the people behind it with Corporate Entity Validation checks from Equifax.
Corporate Structure Visualisation
Fast-track your interpretation of corporate structures, identify beneficial owners and search the PPSR with Visualisation.
Our GlobalScreening solution is locally hosted and customisable, allowing you to check watchlists and identify politically exposed persons around the world.
Australia’s most comprehensive electronic verification solution that accurately verifies individuals' identities and detects fraud.
International Credit Reports
Check the credit history of a company outside of Australia to help you assess business risks.
Face-to-face identify verification for lenders, brokers, lawyers and conveyancers that's fast and flexible.
See how Equifax's AML and due diligence solutions can help your business.
On-board your customers quickly
Reduce the time to get new customers on board with fast electronic AML/CTF compliance verification.
Meet AML/CTF Ongoing Customer Due Diligence requirements
Equifax’s fraud alerts and remediation services warn of customer changes affecting your business and help solve fraud issues, ensuring AML/CTF and OCDD compliance.
Automate your AML workflows
Achieve the maximum amount of efficiency in your AML processes with our workflow and decisioning solutions which provide end-to-end AML compliant processes across the entire customer lifecycle
Know who you’re dealing with
High-level assurance that Equifax’s comprehensive data bureau will give you the full picture on the business or person you’re working with.
Get the complete company picture
Discover the true situation of a company’s beneficial ownership and control simply and easily.
Decrease manual effort and access multiple, integrated data sources.
Companies using Veda's solutions