VerifiMe is the future of Know Your Customer compliance
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Why we’re so confident shareable identity is the future of AML/CTF, KYC compliance and customer document verification
The VerifiMe wallet allows customers to upload and verify credentials they can then securely share with service providers:
Company, Trust, SMSF or any other entity they manage and control
Ability to access certain unregulated investments (e.g. 708 Certificate Management)
Specific Tax status
Age
Ownership of an asset (e.g. a property they want to sell)
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“We found VerifiMe very easy to implement and allows us to meet our compliance objectives efficiently and cost effectively”
Sebastian Garufi, Garufi McDonald Chartered Accountant
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“Using VerifiMe has revolutionised our approach to meeting proof of identity requirements. The platform’s efficiency in verifying clients and their agents has significantly streamlined our processes. We limit the need to hold or handle sensitive client personal data, improving our data security and compliance. VerifiMe has truly been a game-changer for our practice.”
Daniel Spears, Principal at Dunamis Advisory
Insights
Here's a startling fact: Australians on average have over 40 user accounts that require identity verification through Know Your Customer (KYC) processes. That's a lot of repetitive form filling and document uploading!
As digital services expand and the amendment to the AML/CTF laws increases the number of reporting entities, we're all having to verify our identities over and over again. It's time consuming and frustrating.
But what if you could verify your identity once, and then securely share it with organisations that need to verify you or a business you control? That's the promise of shareable identity.
With shareable identity, you can consent to sharing verified credentials. This eliminates repetitive document upload or submission as a customer and organisations also benefit from streamlined onboarding and reduced fraud risk.
For Australia, shareable identity can help overcome our ballooning KYC burden. It's time to explore frameworks that give Australians control over their digital identity. The future is shareable.
In today's digital landscape, biometric identity verification has become a cornerstone for ensuring secure and seamless interactions. A crucial component of biometric authentication is liveness checks. In this blog we explore the difference between active and passive liveness checks and why active liveness check are superior more mitigating risk.
The AML/CTF Amendment Bill 2024 amending the AML/CTF Act passed Parliament on 29 November 2024. The new laws are designed to detect money laundering, terrorism financing and proliferation financing. AUSTRAC (https://www.austrac.gov.au/) will now regulate tranche 2 businesses which provide certain designated services and will include professional service providers such as accountants, lawyers, conveyancers, and trust and company service providers.
This article aims to identify the sentiments pushing forward with the need for digital ID and what the risks are that drive fear around its implementation.
The concept of personhood has evolved through the digitisation of our everyday lives. This has led to a pressing need for robust frameworks that safeguard individual identities.
A Digital ID Wallet is a secure way to store and manage identification credentials electronically, accessible via smartphones or digital devices. It reduces the need for physical documents by consolidating IDs like driver’s licences or passports in one place.
The AML/CTF Amendment Bill 2024 is set to bring significant changes for small to medium-sized businesses, especially those in newly covered sectors like legal, accounting, real estate, and precious metals and stones dealing.
In September 2024, the Attorney-General introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Amendment Bill 2024 into Parliament. This Bill represents a significant advancement in protecting the community from financially enabled crime.
Incorporating a cloud-based KYC solution like VerifiMe into your legal practice’s onboarding program not only enhances efficiency but also ensures compliance with upcoming AUSTRAC reporting requirements.
With the Digital ID Act 2024 and its supporting regulatory framework, Australia has taken a significant step forward into a new era of secure, convenient, and private online interactions. Central to this framework is the Digital ID Accreditation Scheme, which sets standards and rules for digital identity providers.
We've previously explored the system mechanics of the new digital ID, its rollout timeline, legal framework, and biodata data handling protocols — now let's take a look into the exciting possibilities it offers.
In the competitive and highly regulated real estate market, verifying the authenticity of seller information is paramount. The NSW Government Department of Fair-Trading mandates strict guidelines for real estate agents, including the use of the “100-point ID system” and documentation to prove legal property ownership.
Australia's Digital ID transformation, particularly through the Australian Government Digital ID System (AGDIS), is set to streamline customer identification across public and private sectors. The rollout will enhance how customers verify their identity by integrating myGovID with state, territory, and eventually private sector digital IDs.
Australia's Digital ID Act 2024 is expected to transform identity verification. With the passage of this ground-breaking law, transactions will be faster and more securely completed online in place of the 100-point ID method. Imagine having a user-friendly app that allows you to link your government-issued IDs to a safe digital credential.
Shareable identity systems are revolutionizing compliance for AUSTRAC-regulated service providers. By enabling the secure exchange of verified customer information, these systems streamline the due diligence process, boost efficiency, and cut down on repetitive tasks.
The handling of customers’ personally identifiable information is undergoing a significant transformation. This is particularly evident in the field of accounting, where traditional methods of sharing and verifying identity information are proving to be increasingly risky and inefficient.
Client onboarding doesn't have to be a headache. Accountants are discovering a new approach to identity verification that streamlines the process, enhances security, and strengthens compliance.
Reusable identity is on the rise, shifting from traditional, repetitive identity verification methods to the emerging concept of reusable identity. This new system allows users to verify their identity once and use it across multiple platforms, enhancing efficiency, reducing costs, and improving privacy.
VerifiMe helps accountants verify client identities, crucial for ethical and compliant practices. The digital identity wallet integrates into existing workflows, ensuring secure, efficient identity verification and reducing risks associated with data breaches.
Discover how VerifiMe can transform compliance management for Chief Risk Officers in Australia. This article explores the benefits of VerifiMe’s real-time monitoring, automated alerts, and comprehensive reporting, providing CROs with the tools to enhance operational efficiency, ensure regulatory compliance, and drive strategic growth.
VerifiMe streamlines the KYC process for financial planners and wealth managers, allowing quick and secure customer onboarding without needing to store identity documents. It uses tokenisation to check identity against customisable AML/KYC rulesets, reducing onboarding friction and ensuring compliance with AML/CTF programs, thereby enhancing customer experience and satisfaction.
VerifiMe is a shareable digital identity platform that allows individuals and organisations to verify their identity securely online, using a digital wallet created with official documents. It enhances privacy and convenience by minimising repetitive sharing of documents, reducing identity theft risks, and improving user verification processes with consent-based sharing of information.
VerifiMe supports the recent passing of the Digital ID Bill 2023 and the expansion of the myGovID network, viewing it as a crucial step towards providing a safe and simplified identification method for individuals and organisations.
The landscape is shifting identity verification towards portable, user-controlled digital IDs, addressing the need for efficient, secure transactions. Innovations from companies like Apple and programs like the Australian government’s “myGovID” exemplify the transition away from traditional, inefficient methods.
Self-Sovereign Identity and Customer Controlled Compliance are proposed to give users control over their personal data, addressing the security and efficiency flaws in current identity management systems.
Adopting digital IDs via VerifiMe offers convenience, enhanced privacy, and efficiency. This solution signifies a shift towards secure, simplified online identity verification with user control at its core.
Explore the potential of digital ID in simplifying access to services and enhancing personal data control, advocating for decentralised, privacy-centric solutions that prioritise user control, security, and interoperability to protect personal data.
Identity is crucial because it shapes the way we see ourselves, how we interact with others and our place in society. It is tied to our sense of self-worth and self-esteem.
VerifiMe: A network that has solved identity sharing.
Get in touch today to see how joining the VerifiMe network can transform your business.