Shareable identity for AUSTRAC regulated service providers
Shareable identity systems offer a robust solution for AUSTRAC regulated service providers adhering to Anti-Money Laundering and Counter-Terrorism Financing (AML-CTF) programs.
The adoption of shareable identity systems significantly enhances the know your customer due diligence process, a fundamental aspect of AML-CTF programs. These systems enable the secure sharing of validated customer information among authorised parties, leading to a reduction in repetitive processes and an increase in operational efficiency. In the context of a risk-based AML-CTF strategy, the ability to assess comprehensive customer profiles is invaluable for evaluating and mitigating potential risks effectively.
Moreover, recent reforms have expanded the circumstances under which reporting entities can rely on third-party customer identification and verification. This underscores the growing acceptance and utility of shareable identities in regulatory compliance. By leveraging shared identity data, service providers can ensure a more consistent and thorough application of due diligence measures across the industry.
In essence, shareable identity systems align with the objectives of AML-CTF programs by providing a reliable, efficient, and collaborative method for managing customer-related risks. They represent a forward-thinking approach that not only complies with regulatory requirements but also enhances customer interactions and experience whilst improving integrity of the process.
Explore the VerifiMe platform for free right now to uncover the benefits of a shareable identity platform for your personal use, and for business use.
