OFX and Know Your Customer to secure global payments with optimal business verification

Through this collaboration, OFX will use Know Your Customer’s capabilities to simplify and automate its business KYC processes. This will provide OFX with real-time access to optimal business verification data, including augmented corporate structure verification, instant access to official company documents, and automatic identification of complex beneficial ownership structures across 140 jurisdictions, according to the company. 

This process automates essential business KYC processes, reducing manual effort and improving efficiency for OFX users, thereby improving the firm's ability to manage risk and maintain the integrity of its platform. 

By using Know Your Customer's technology, OFX will improve its due diligence capabilities, ensuring compliance with evolving regulations and providing a secure and reliable platform for global payments. 

Australia expands AML regulations

Both companies recognise the importance of a robust and secure global payment environment. As of 1 July 2026, Australia plans to extend its AML/CTF regulations to include not only financial services and digital currency exchanges but also designated non-financial businesses and professional services. 

The updated Australian AML/CTF Act covers tranche 2 entities from professions and businesses that were previously outside the regulatory framework, bringing over 100.000 additional companies under AUSTRAC's supervision, Australia’s financial intelligence agency. Some of the included services are real estate professionals, dealers in precious stones, metals, and products, lawyers, accountants, and virtual asset services.