Australian law firms are under significant regulatory pressure to comply with the Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations set out by the Australian government. The regulations require law firms to verify the identities of their clients and to conduct ongoing monitoring of their transactions to prevent money laundering and financing of terrorism.
Under the AML/CTF regulations, law firms are required to identify their clients, verify their identities using reliable and independent sources, and conduct ongoing monitoring of their transactions to detect any suspicious activity. Law firms are also required to keep detailed records of their AML/CTF compliance activities.
To meet these regulations, law firms in Australia are turning to Verify 365’s biometric technology as a means of ensuring secure and efficient client onboarding processes. The biometric platform enables law firms to verify the identities of their clients quickly and efficiently while remaining compliant with AML/CTF regulations.
With Verify 365’s biometric platform, law firms can onboard and verify new clients in under 60 seconds, while ensuring that they comply with AML/CTF regulations. The platform also offers fraud and risk management services, which further enhances AML compliance.
“We are proud to offer Australian law firms a solution that enables them to meet AML/CTF regulations while providing a secure and efficient onboarding experience for their clients,” said Ardi Melikian, Director at Verify 365’s Australian office. “Our biometric platform ensures that law firms can onboard new clients quickly and efficiently, while remaining compliant with regulatory requirements.”
As the legal industry continues to digitise, biometric technology is becoming an increasingly important tool for law firms looking to meet AML/CTF regulations and ensure secure client onboarding processes. With Verify 365’s biometric platform, Australian law firms can onboard new clients quickly, efficiently, and securely while remaining compliant with AML/CTF regulations.
In addition to its biometric technology, Verify 365 also offers a secure connection with the majority of Australian banks using “open banking”, which enables law firms to verify the source of their clients’ funds in real-time, as well the the bank account information and financial analytics, providing an added layer of security and compliance to the onboarding process.
By using Open Banking API technology, Verify 365’s biometric platform enables law firms to quickly and securely verify the source of their clients’ funds. This feature allows law firms to ensure that their clients’ funds are not derived from illegal activities, which is a crucial aspect of AML compliance.
“Verify 365’s open banking service is a game-changer for law firms looking to meet AML compliance requirements,” added Ardi. “By having access to all major Australian banks using secure API connections, we can instantly verify the source of funds and identities for our clients, allowing law firms to confidently onboard new clients and remain compliant with regulatory requirements.”
Rudi Kesic, CEO at Verify 365 Digital Onboarding Technology, added, “Digital client onboarding using biometric technology offers several benefits to law firms in Australia. By streamlining the onboarding process, firms can save time and resources, enabling them to take on new clients more efficiently. The use of biometric technology also provides an added layer of security, ensuring that clients’ identities are verified accurately.”
In addition to biometric verification and open banking access, law firms can also benefit from sanction checks and address checks as part of Verify 365’s technology platform. These checks help to ensure that clients are not on any watchlists or engaging in fraudulent activity, while also verifying their physical address. This process is particularly important for law firms in Australia, where strict AML/CTF regulations require firms to conduct thorough due diligence on their clients.
The use of digital client onboarding, biometric technology, and compliance checks offers law firms a more efficient and secure way to onboard new clients while remaining compliant with AML/CTF regulations.