Moroku has incorporated a full-service digital identity verification AML/CTF capability in the Moroku Money portfolio for all service providers seeking to up their game in the world of cyber.

The Australian Commonwealth Attorney-General’s Department has initiated the implementation of proposed reforms of Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime to bring Australia’s anti-money laundering laws in line with standards recommended by the Financial Action Task Force.

These reforms, known as AML/CTF tranche 2, will require a broad range of service providers, including ADIs, to take a more active role in deterring money laundering and terrorist financing and in how they conduct due diligence on clients. This will include more stringent verification of the identity of clients, assessing the risk of money laundering or terrorist financing, and monitoring transactions for suspicious activity. Failure to comply with these requirements may result in significant attention from the authorities.

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Digital is rapidly commoditising banking around the world, forcing participants to compete on margin erosion and funding. In the new engagement economy, there is an alternative: Harness the power of game to build digital experiences that deepen customer relationships, provide value and are relevant by supporting customers to thrive with their money.


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