When you verify a customer's identity, you create records that may prove crucial in future investigations. When you identify and report suspicious activity, you provide intelligence that may uncover criminal networks or prevent terrorist financing. Your compliance efforts protect your business, support law enforcement, and maintain the integrity of Australia's financial system.
Why Starting Early Matters
The greatest operational burden comes when client cooperation is required to capture customer information for verification. Collecting this information progressively over the next 18 months is far less burdensome than attempting to implement changes closer to the compliance date.
Benefits: Proactive compliance reduces last-minute issues, identifies risks early, allows gradual team training, avoids rushed costs, and enhances your reputation with regulators and clients.
Your Compliance Journey
Meeting your AML/CTF obligations requires:
Appointing an AML/CTF Compliance Officer (AMLCO) who is a 'fit and proper person' and resident in Australia
Conducting a risk assessment and developing your AML/CTF Policy
Implementing customer due diligence and transaction monitoring
Enrolling with AUSTRAC before 1 July 2026
How VerifiMe Simplifies Compliance
VerifiMe provides comprehensive identity verification for individuals, companies, and trusts, including beneficial ownership identification. Our platform offers:
Mandatory identity verification: Real-time verification against government databases
Required screening: PEP and sanctions list checking against global watchlists
Regulatory record keeping: Digital records with compliant seven-year retention
The Cost of Non-Compliance
AUSTRAC civil penalties for companies can reach $21 million per contravention. VerifiMe helps you maintain compliant records and processes from day one.
Ready to Get Started?
With VerifiMe, you can start collecting customer information now, build your compliance framework progressively, and be fully prepared when obligations commence on 1 July 2026.
Contact us today:
Email: [email protected] | Phone: | Web: www.verifime.com
Disclaimer: This document provides general information only and is not legal advice. Consult legal advisors and review AUSTRAC guidance when developing your compliance framework.
Visit AUSTRAC: www.austrac.gov.au