Solutions for KYC COMPLIANCE
Protect your financial institution from penalisation for non-compliance.
In 2016, amendments were made to Australian law, requiring reporting entities to collect Know Your Customer (KYC) information to prevent money laundering and identity theft. Information must now be collected, verified and stored by the business offering the service.
If your business is offering a “designated service” such as currency exchange, deposits, payroll services, investment and loans, you may be required to record your customer’s identity.
The law requires you to store this information securely and for a minimum of seven years after the transaction.
This information must be stored in a format that is protected from misuse, unauthorised access, modification, loss or interference. Therefore, a simple scan or copy of an identification document does not meet the Australian requirements for KYC.
The Solution: Identity Scanners
Screening customers by performing due diligence is labour intensive, time-consuming, and diverts needed resources and attention from core revenue business activities.
Our system for collection of data is fully compliant with Australia’s KYC laws. Scantek allows you to speedily store and compare any previous uses of ID to prevent money laundering or identity scams.
If your business does not fall under this act but collects identification to proceed with a service, you are still required to store that information safely and securely.
Businesses are liable under the Privacy Act 1988 to take reasonable steps to protect the personal information they collect. If a data breach occurs and an organisation was found not to take reasonable steps to protect the data, they will be found liable and face harsh penalties.
Scantek devices are compliant with the ICT Security guidelines ensuring your business and data are protected.
24/7 Australian Support
Someone from Scantek is available on the 24 hours a day, 7 days a week. We don’t outsource our support offshore like other companies, and you call us anytime on 1300 552 106, and someone will answer the phone.
Reduce Business Losses
Scantek ID scanners accurately tell you when someone is using a fraudulent or illicit identification so you can refuse purchases and therefore,
Fast, Accurate Scanning
Scantek has been designed from the ground up to be both the fastest and the most accurate scanning system available in Australia and worldwide. Scan IDs and compare to our database in seconds.
Suits Your Location
Scantek is an option-based system that allows you to choose what features you want access to. Everything from acceptable identification types to expired identification policies can be tailored to suit your location.
Scan All Identifications
Scantek recognises all acceptable IDs in Australia, including Drivers Licence, Proof of Age Card (including 18+, Keypass, Photo Card) and Passports both Australian and International.
Easy to Use
Scantek has been designed with simplicity and ease of use in mind, without a complicated interface and without meaningless buttons to repeatedly press just to scan an identity.
Privacy and Security
At Scantek privacy and data security are paramount. The Scantek Cloud Interface is secured so scanned information can only be accessed by nominated accounts. User activities
Scantek was developed to be fast and user-friendly. There is no complicated interface or meaningless steps to be completed just to scan and store an identity to the system.
Scantek systems use advanced fraud and illegitimate ID detection, so your operators will be made aware of any suspicious or devious
Financial institutions in breach of complying with regulations, can be subject to fines and those found responsible for allowing fraud or money laundering offences could be imprisoned.
Once a company is fined, it results in additional scrutiny and further compliance work from the regulatory authorities.
The damage to a bank’s public image from links to terrorist or money laundering activity is vast. The public expects banks to undertake all steps necessary to protect their money and the community more broadly.
Financial institutions are constantly burdened with additional requirements to ensure the legitimacy of the transactions they process and they must quickly grasp these new regulatory parameters in which they must operate, to avoid non-compliance.
As regulators move from a tick-box approach to a risk-based approach to compliance, banks are looking to improve their own processes to comply with KYC regulation. Scantek’s technology can help in the gathering and storage of data to help comply with KYC regulations.