BGL empowers accountants to meet new AML/CTF obligations with BGLiD
BGL is proud to introduce BGLiD – a seamless client identity verification solution designed to help accountants comply with upcoming AML/CTF legislative reforms.
In December 2024, Australia approved the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, extending AML/CTF regulations to include accountants. Under these new proposed rules, accountants must:
- Appoint a compliance officer: An individual responsible for developing and implementing policies to meet AML/CTF requirements.
- Provide comprehensive customer verification: Client identities must be verified based on services provided, client nature and transaction locations.
- Report any suspicious transactions or behaviour indicative of illegal activities to the authorities.
These new requirements begin in March 2026. BGL’s CAS 360 corporate compliance solution, trusted by over 3,800 firms and managing over 1 million companies worldwide, helps clients comply with these new AML/CTF regulations with BGLiD.
“This new legislation will add new work for accountants and we want to help them get ahead of the changes,” said Warren Renden, General Manager of CAS 360, BGLiD and UK at BGL. “At BGL, we have developed our products, ensuring our clients have the right tools, such as BGLiD, to navigate through compliance seamlessly”.
BGLiD is a simple client identity verification solution seamlessly integrated with BGL’s CAS 360. It provides direct verification with government databases in Australia and also offers biometric verification, which enables clients to upload a photo ID and take a selfie via their smartphone to verify their identity.
Later this year, BGLiD’s capabilities will extend to Simple Fund 360 and Simple Invest 360, further enhancing client identity verification across BGL’s suite of products.
For more information, visit www.bglcorp.com/client-identity-verification-service.
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