OFX Partners with Know Your Customer Limited for Enhanced KYC Solutions

Financial operations company OFX has joined forces with global business verification solutions provider Know Your Customer Limited to streamline and automate its know-your-customer (KYC) processes.

This collaboration will grant OFX real-time access to advanced verification data, such as enhanced corporate structure validation, immediate viewing of official documents, and automated detection of complex beneficial ownership structures across 140 jurisdictions. The integration aims to reduce manual efforts and boost efficiency for OFX users while enhancing the company’s risk management capabilities.

Australia Expands AML Regulations

Both companies highlight the significance of a secure global payment landscape. Starting from 1 July 2026, Australia will broaden its anti-money laundering and counter-terrorist financing (AML/CTF) regulations to incorporate not only financial services and digital currency exchanges but also designated non-financial businesses and professional service providers.

The revised Australian AML/CTF Act encompasses a wider range of entities from professions and industries previously exempt from regulation, adding approximately 100,000 more companies under AUSTRAC’s oversight. This includes real estate professionals, precious stones and metals dealers, lawyers, accountants, and virtual asset service providers.