Access Group bolsters ID-verification capabilities with FrankieOne partnership

David Boyar, CEO of ChangeGPS (one of Access’ subsidiaries), said the Tranche 2 AML/CTF reforms represented the most significant compliance shift since GST was introduced in 2000.

“This is not a basic documentation exercise. Before 1 July, every practice providing designated services must have multiple measures in place, and all staff trained in how to comply,” he said.

“The firms that treated GST as a ‘we’ll figure it out’ problem were the ones scrambling in July 2000. History is about to repeat for anyone not moving now.”

The partnership will bring FrankieOne’s identity verification and fraud prevention technology into EngageAML. Its functionalities included sanctions screening, adverse media monitoring and ongoing customer due diligence (CDD).

It also offered identity and business verification across over 350 data sources, including ultimate beneficial ownership analysis and biometrics. 

Its workflow enforcement followed AUSTRAC’s legislated sequence; confirming that designated services were offered, Know Your Business (KYB), CDD risk rating, screening, Know Your Customer (KYC), partner approval and a TASA compliant engagement letter.

EngageAML would also save an auditable record with time and date stamps, to support firms when AUSTRAC requested details on how obligations were met.

“Australia’s AML/CTF reforms are about to reshape how accounting practices engage every client,” Simon Costello, Co-Founder and CEO, FrankieOne, said.

“By embedding FrankieOne’s infrastructure directly into EngageAML, Access is giving firms bank-grade identity verification, screening and ongoing monitoring inside the workflow they already use. These firms are being held to the same standard as banks, so the technology should match.”

Access Group said it had brought engagement letters and AML compliance into one workflow within EngageAML, combining ChangeGPS’ engagement letter software with FrankeOne’s AML monitoring capabilities.

“Flagging risk, prompting reviews, maintaining records, generating reports – that is what the platform does,” Boyar said.

“The partner makes the judgement calls. By embedding FrankieOne’s bankgrade infrastructure into EngageAML, every practice – from sole practitioners to the largest firms – has a clear, guided path to 1 July.”