Tranche 2 is coming. Is Your Firm Ready?
The Australian property and conveyancing sector is about to undergo a significant shift. The upcoming Tranche 2 AML/CTF reforms and existing Verification of Identity (VOI) standards require a strategic approach to client verification, risk management, and record-keeping.
The traditional process is a major weak point. It creates unnecessary risk and liability by requiring your staff to manually handle and store sensitive client documents. This traditional approach clashes with your legal obligations under the Privacy Act 1988 and exposes your firm to data breaches, which can be costly and severely damage your reputation.
This is where TrueVault provides a modern, secure solution. We protect your firm and your clients by putting the individual in control of their information. Our verification process is user-initiated and controlled, so your clients only share what is absolutely necessary for the transaction. This selective disclosure reduces your liability and risk, as you never possess the sensitive data in the first place. The identity is then biometrically anchored to a verified signature, ensuring it's tied to a real person and checked against authoritative sources like the Document Verification Service (DVS) for an ironclad confirmation.
TrueVault isn't just a verification tool it's the strategic advantage you need to navigate the new regulatory landscape, protect your clients, and accelerate your business.