AML/CTF compliance
Evidence for your process. The decisions stay yours.
VeriSource supports the customer due diligence work a reporting entity already has to do. It does not perform that work, and it does not carry the obligation.
Where it fits
Built for the source-of-funds step of CDD.
AUSTRAC compliance starts with customer due diligence, and steps up where the risk calls for it. Enhanced due diligence is where source of funds appears, and where a declaration alone stops being enough.
Standard CDD
Know who they are
Identify and verify the customer. Your existing onboarding already does this, and VeriSource does not replace it.
Enhanced CDD
Understand where the money came from
Higher-risk situations call for more: further information about the customer, their source of funds and source of wealth, and deeper analysis of transactions.
Records
Show what you did
A reporting entity is expected to keep records of the measures it applied and what they found. That record is what VeriSource produces.
AUSTRAC guidance describes enhanced customer due diligence as including seeking further information about a customer’s source of funds and source of wealth, conducting more detailed analysis of transactions, and keeping records of the measures taken and their findings. AUSTRAC
Source of funds vs source of wealth
Two different questions, and banking data answers them differently.
Source of funds
How the customer obtained the money behind a specific transaction - the income, savings, sale or transfer that produced it. Consented banking data supports this directly.
Source of wealth
How the customer's overall wealth was built. A source of wealth assessment draws on more than banking data: consented data supports a plausibility check, while property, business ownership, inheritance, superannuation and external investments may require additional documentation.
Consent and privacy
Collected with consent, used for a defined purpose.
Access is consent-based, purpose-specific and limited to information relevant to the stated check. The customer can see what they shared and why, and withdrawal rights apply as the framework allows.
Get the information you need without collecting more than you need.
What we state, plainly
- VeriSource supports AML/CTF compliance processes.
- VeriSource does not provide legal advice.
- The reporting entity remains responsible for compliance decisions.
- Customer data is collected only with consent.
- Open banking data is used for defined purposes.
- Data use is aligned with privacy and CDR requirements.
- Risk indicators are decision-support tools, not automatic regulatory determinations.
Consent-based
The customer grants access. Nothing is collected without it.
Purpose-specific
Tied to the check being made, not to open-ended access.
Limited
Only information relevant to the stated purpose.
Transparent
The customer can see what they shared and why.
Revocable
Withdrawable where the framework allows.
Protected
Held under appropriate access controls.
What VeriSource does not do
The limits, stated rather than implied.
Understating the limits of a tool used in an AML/CTF context is a regulatory problem, not a marketing choice.
Your organisation remains responsible for the review, the decision and the reporting.
- Provide legal advice
- Replace your AML/CTF program
- Replace customer identification or customer due diligence
- Make your compliance decisions
- Decide whether a customer presents a money laundering risk
- Decide whether to lodge a suspicious matter report
- Guarantee compliance
- Prove an entire source of wealth from banking data alone