You can see the rules and regulations in other jurisdictions.
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1) will impose obligations on most financial services businesses. AML/CTF laws apply to entities with an Australian connection that provide 'designated services'. Any entity in Australia that engages in financial services, remittance or credit activities (consumer or business) is subject to the AML/CTF Act. AML/CTF Act was amended in 2018 to include entities that exchange digital currencies. Enrollment (and registration, in some circumstances,) with AUSTRAC, conducting customer due diligence before providing designated services, and adopting and maintaining an AML/CTF programme are among the obligations.1
Australia does not have a generally recognized digital identity.1
As part of its Digital Transformation Agency's work, the Australian federal government is creating an Australian Digital Identity System. In addition to reducing the need for multiple logins across government services, the system will provide the policy and processes to govern it and the technology to make it work. 'GovPass' is the national overarching digital identity technology consisting of four components: the Trusted Digital Identity Framework (TDIF), the exchange gateway, the digital identity services, and the service providers. Under the TDIF, people can choose their identity provider and access a variety of government services, with the possibility of future integration with the private sector.1
A new version of the myGov platform will eventually run alongside the existing platform before eventually replacing it. However, the GovPass digital identity has only been used for a limited number of government services. A new version of the TDIF is also being proposed by the government to allow Australian businesses who become accredited with their identities to access it.1
Digital onboarding in Australia
