Information on the Document Verification Service (DVS) has now been incorporated into the AUSTRAC compliance guide.

The DVS is a secure, national, real-time, on-line, electronic document verification system managed by the Commonwealth Attorney-General’s Department (AGD).

The DVS helps authorised organisations, such as reporting entities, to electronically match identification or credentials on certain government-issued identity documents directly with the issuing government organisation (whether Commonwealth, State or Territory) check that the identity document presented by an individual is current or valid (for example, the document has not expired, been cancelled, is lost or stolen).

For more information please go to the Document Verification Service and individual customer and beneficial owner identification page which is located in Chapter 6 of the AUSTRAC compliance guide.

AUSTRAC engaged in public consultation on the DVS late last year. As a result, the new guidance replaces the Guidance note titled ‘The Document Verification Service and individual customer and beneficial owner identification’.

Further consultation: annual compliance report  ​

AUSTRAC is currently reviewing industry submissions on proposed changes to the annual compliance report.

Submissions came from a range of entities, from small businesses to major industry associations.

AUSTRAC will now consult further with industry before implementing any changes to compliance reporting requirements.

This will allow for a thorough assessment of issues raised by industry and more time for industry to make changes to their processes and systems.

See here for more information about the proposed changes to the compliance report.