Anti-Money Laundering and Counter Terrorism Financing laws are designed to detect and deter money laundering and terror financing as well as make the Australian financial ecosystem resistant to such activities.
These new laws replace the present Financial Transaction Reporting Act which required Credit Unions to verify new members when opening of an account and report any large cash transactions.
NameScan’s service provides a fast and cost-effective means to ensure your client is free of potential issues by providing full KYC and PEP checks for individuals.
This verification will continue and Namescan can re-verify your members as they take up additional services.
Call us today to find out how we can help you streamline your compliance processes.