Violating the Anti-Money Laundering (AML) and Countering Financing of Terrorism (CFT) Act 2009 regulations has devastating repercussions for any financial service and related industries.

These include punitive fines of $2 million to $200 million, criminal trials, legal sanctions, tarnished brand reputations, and losses in client and investor trust and relationships.

If you think your manual identity validation workflows can rigidly follow the AML/CFT directives and evade the penalties just fine, think again.