The FAAA is helping financial advisers meet their anti-money laundering (AML) and counter-terrorism (CTF) obligations with a new tool that it says will transform the way they identify and verify clients.
Sarah Abood, FAAA CEO, says: “We know how challenging and frustrating client identification can be for our members, and we’ve listened closely to those concerns.
“We created FAAA SafeID as a comprehensive solution designed to simplify client identification and verification for financial advisers, delivering real value and peace of mind for our members.”
She says the FAAA acts as an enterprise buyer for FAAA SafeID, making scale benefits available to the 6,000 or so financial advice practices in Australia. Personal identity checks will be managed in line with AUSTRAC requirements.
Practices with FAAA members receive preferential pricing, based on the proportion of FAAA members in a practice.
