A new law has come into effect that allows for an additional way for reporting entities to verify their customers’ identities.
From 1 July 2011 reporting entities will be able to use the services of credit reporting agencies to assist in verifying the identity of their customers. Information that can be verified includes the customer’s name, date of birth and residential address.
Up until this point, companies who have offered electronic verification of customer identity have done so on a temporary ruling by AUSTRAC.
AUSTRAC will shortly release on its website a guidance note to help reporting entities understand the new e-verification obligations.
For further information:
See the Act here: Combating the Finance of People Smuggling and Other Measures Act 2011