LOGIN
SUBSCRIBE
UPGRADE
LOGOUT
Open menu
PayDay News - Payments Industry News Australia
Got a story
to share?
Open menu
LOGIN
SUBSCRIBE
UPGRADE
LOGOUT
PayDay News | Australian Payments News

AUSTRAC eyes tougher onboarding for banks – passport or birth certificate requirement draws criticism from industry


24 Feb, 2025
Add us as a preferred source on Google
Guest Contributor

24 Feb, 2025
Add us as a preferred source on Google
Opening a bank account could be a lot tougher for Australians under proposed changes to laws intended to disrupt financial crime.
AUSTRAC eyes tougher onboarding for banks – passport or birth certificate requirement draws criticism from industry
AUSTRAC eyes tougher onboarding for banks – passport or birth certificate requirement draws criticism from industry

Opening a bank account could be a lot tougher for Australians under proposed changes to laws intended to disrupt financial crime.

Subscriber article

This article is available to PayDay News subscribers.

Subscribe to continue reading
PAYDAY NEWS ANNIVERSARY EDITION

trending

Visa credit hits 1%, the largest annual fee rise of any scheme
Visa's average credit card merchant fee reached 1.00% in the June quarter, the highest since the RBA began publishing fees by scheme, and up five basis points over
Banktech, Next Payments ride cash wave as no surcharge bill shock looms
The end of card surcharging on October 1 has merchants across Australia looking at ways to hand out and handle more cash.
The Interchange Bench
On The Interchange Bench this week, Brazil’s A2A network draws a tariff, a fake Matt Comyn offers us US $35 million in a Whatsapp scam, former RBA payments
CBA says payments resilience now a competitive advantage as geopolitical risks grow
The Commonwealth Bank says escalating geopolitical tensions, cyber threats and artificial intelligence are transforming operational resilience from a compliance obligation into a competitive advantage for financial institutions and
Reforms converge to reshape PayTo protections as demand for card alternative grows
Three reforms are converging to strengthen PayTo, delivering stronger consumer protections, clearer fraud liability and greater confidence in account-to-account payments as merchants search for trusted, low-cost alternatives to

RELATED STORIES ▸

CBA says payments resilience now a competitive advantage as geopolitical risks grow
CBA says payments resilience now a competitive advantage as geopolitical risks grow
CBA says payments resilience now a competitive advantage as geopolitical risks grow
The Commonwealth Bank says escalating geopolitical tensions, cyber threats and artificial intelligence are transforming operational resilience from a compliance obligation ...
Karen Last takes the wheel at ANZ acquiring as Worldline exits
Karen Last takes the wheel at ANZ acquiring as Worldline exits
Karen Last takes the wheel at ANZ acquiring as Worldline exits
ANZ has completed its acquisition of Worldline's majority stake in ANZ Worldline, installing payments executive Karen Last to lead merchant ...
NSW payments strategy focused on real-time, fraud resilience and digital government
NSW payments strategy focused on real-time, fraud resilience and digital government
NSW payments strategy focused on real-time, fraud resilience and digital government
The NSW Government has unveiled its first Payments Strategy, positioning the state as a major driver of Australia's payments modernisation ...
Westpac joins bank rivals to ramp up support for family violence victims
Westpac joins bank rivals to ramp up support for family violence victims
Westpac joins bank rivals to ramp up support for family violence victims
Westpac has joined the rest of the Big 4 in partnering with the One Stop One Story Hub, linking vulnerable ...
Revolut Bank Australia – APRA grants ADI licence
Revolut Bank Australia – APRA grants ADI licence
Revolut Bank Australia – APRA grants ADI licence
Despite a recent zombie fraud controversy, APRA has granted Revolut Payments Australia a licence to operate as an authorised-deposit taking ...
Open banking to crack the code on non-bank lenders
Open banking to crack the code on non-bank lenders
Open banking to crack the code on non-bank lenders
Every rate, fee and eligibility rule a non-bank lender charges will soon be machine-readable via open banking. That includes buy ...

Got a story to share?

Get in touch with PayDay News today!
Click here to email us

Topics

Advertising Enquiry

Fill out the form below, and we will be in touch shortly.

Contact Information

Got a story to share

Fill out the form below, and we will be in touch shortly.

Contact Information