New laws commenced on 28 June 2011 permitting verification of an
identity using information held by a credit reporting agency.
AML/CTF reporting entities should amend their privacy consents if
they want to use this method.
The AML/CTF Act was amended by Combating the Financing of People
Smuggling and Other Measures Act 2011. This Act introduced Div 5A
to the AML/CTF Act which deals with 'e-verification'.
In summary, the provisions:
- permit a reporting entity to disclose specified personal
information to a CRA for identity verification purposes with the
express consent of the individual whose identity is being
verified
- permit a CRA to conduct a matching process between personal
information provided to it by a reporting entity and the personal
information held on its own files and provide an assessment to the
reporting entity of the outcome of the verification process
