Partnership Between OFX and Know Your Customer Limited

OFX, a financial services company, has partnered with Know Your Customer Limited, a global provider of business verification solutions. This collaboration aims to integrate optimal verification technology.

The integration will simplify and automate OFX’s business know-your-customer (KYC) processes, allowing real-time access to advanced verification data. This includes augmented corporate structure verification, instant access to official company documents, and identification of complex beneficial ownership structures across 140 jurisdictions.

This automation streamlines essential KYC processes, reducing manual effort and boosting operational efficiency for OFX users. Consequently, it enhances the firm’s risk management capabilities and maintains the integrity of its platform.

Australia Expands AML Regulations

Both companies are committed to maintaining a secure global payment environment. Starting from July 1, 2026, Australia will extend its anti-money laundering (AML) and counter-terrorist financing (CTF) regulations to cover not only financial services and digital currency exchanges but also designated non-financial businesses and professional service firms.

The amended AML/CTF Act includes a range of new entities such as real estate professionals, dealers in precious stones and metals, lawyers, accountants, and virtual asset service providers. This move brings approximately 100,000 additional companies under AUSTRAC’s supervision, the country’s financial intelligence agency.