MenuFAAA SafeID
Transform your client identification process with our secure digital solution.
FAAA SafeID is a fast, convenient, digital tool for identifying and verifying your clients while protecting their data.
No one knows your clients better than you, but they must still be identified and verified for AML/CTF purposes. FAAA SafeID provides you and your clients with a secure, professional and simple client ID experience so you can spend more time providing great advice. Our guided online system ensures you collect the right information with help from experts available if you need it.
Read about your reporting responsibilities at the AML/CTF Hub.
What does it do?
Whether you are meeting with your client in person or remotely, FAAA SafeID lets you complete client identification and verification in minutes. With bank-grade tech security and expertise from financial crime prevention experts KordaMentha, you can be confident that your client data is managed in a secure environment that meets AML/CTF client due diligence requirements.
You can generate a range of report types to suit product providers, and save your reports to your preferred CRM to meet record-keeping requirements.
Who is it for and what does it cost?
FAAA SafeID is designed to help financial advice practices and other professionals who are required to identify and verify their clients. It is available to both FAAA members and non-members.
All FAAA SafeID users benefit from our competitive enterprise rates. Starting from $70 per month, per user (excl. GST), you can gain efficiency and peace of mind that your client data is safe. FAAA members enjoy a discount to our already competitive rates. Monthly fees will vary depending on usage and your practice’s subscription rate. We are happy to produce a quote tailored for your practice – please send us an email.
Not an FAAA member? Find out more about membership options.
Transform your client identification process and sign up today!
Sign up, request a demo or quote, or ask a question...
Hear more about FAAA SafeID...
Why should I trust that it is secure?
- Technology providers are ISO27001 accredited
- All data is kept within Australia on Australian servers
- Backups are encrypted separately and stored on encrypted storage
Frequently asked questions
Will FAAA SafeID meet all of a Reporting Entity's AML/CTF obligations?
Reporting Entities will have AML/CTF obligations based on the particular services they provide to clients. FAAA SafeID provides support for Know Your Client , Client Due Diligence and associated record keeping obligations, but Reporting Entities remain responsible for meeting their overall AML/CTF obligations. If you want to know more about AML/CTF obligations, you can visit the AML /CTF Hub on the FAAA website or email our Policy Team at policy@faaa.au
What is FAAA SafeID?
FAAA SafeID is a convenient, secure digital tool for identifying and verifying your clients while protecting their data. The FAAA SafeID portal is compliant-by-design, prompting users to complete the necessary steps for client identification and verification for AML/CTF purposes.
How does it support financial advisers' AML/CTF obligations?
FAAA SafeID is designed to meet the ‘Know Your Client’ requirements for financial advisers who arrange to provide Item 54 designated services to their clients. With FAAA SafeID, you can digitally or manually identify clients including running PEP, Sanctions, Fraud or Adverse Media checks where indicated, and maintain records safely in the FAAA SafeID portal.
What is the benefit of using FAAA SafeID?
In a nutshell, the benefit of using FAAA SafeID is keeping your client data safe and meeting your AML/CTF requirements.
FAAA SafeID enables you to complete client identification and verification quickly and efficiently, while ensuring robust data security for your clients. If you are required to store copies of documents, you can upload them to the secure FAAA SafeID portal.
How effective is electronic data verification?
Electronic data verification has high success rates and can be completed within minutes. FAAA SafeID performs an online check against official data sources to see whether the biographic information on a client’s identity document matches the original record. These data sources include the Australian Document Verification Service (DVS) as well as a range of others.
Who can be digitally identified and verified using FAAA SafeID?
You can digitally verify individuals, sole traders and the individual beneficial owners of trusts and companies. You can also digitally verify the entities they own, if the data exists to do so.
What if a client cannot be digitally verified?
FAAA SafeID provides a secure and compliant-by-design platform for documenting manual client identification and verification procedures as well. This can be helpful for clients who lack mainstream forms of identification and who can’t be identified digitally.
Is there a discount for FAAA Members?
Yes. The higher the proportion of advisers/financial planners in your practice who are also current FAAA Members, the better the price for your firm. Firms where all the advisers/financial planners in the practice are FAAA Members (e.g. CFP Professional, Financial Planner AFP and/or Practitioner) receive the best price for FAAA SafeID.
Can we access the discount if not all practice staff are members?
Yes, the discount applicable will be calculated on a pro rata basis, taking into account the proportion of advisers/planners who are also current FAAA Members.
Is there a limit to how many checks can be done per month?
There is no limit to the number of checks that you can complete over any time period.
Do product providers accept identification through FAAA SafeID?
This is up to each provider, but FAAA SafeID creates a detailed pdf report demonstrating AML/CTF compliance checks and client information in a format similar to the existing FSC/FAAA client ID forms. We are in ongoing discussions with providers and the FSC regarding making this report (or its digital equivalent) the accepted standard.
Will advice licensees accept identification through FAAA SafeID?
Many licensees support the use of digital client identification tools. While it is best to check with your own licensee about this, we are happy to help with any discussions with your licensee.
How much does FAAA SafeID cost?
“All FAAA SafeID users benefit from our competitive enterprise rates. Starting from $70 per month, per user (excl gst), you can gain efficiency and peace of mind that your client data is safe. FAAA members enjoy a discount to our already competitive rates. Monthly fees will vary depending on usage and your practice’s subscription rate. We are happy to produce a quote tailored for your practice – please email us at safeid@faaa.au to arrange.
How can I arrange a demo or talk to someone?
Please email us at safeid@faaa.au and we will be happy to arrange.
Is digital client identification and verification acceptable to AUSTRAC?
Yes. AUSTRAC have issued guidance regarding use of digital databases and reg tech providers to assist Reporting Entities to comply.
Are there further benefits if I become an FAAA Member?
Combining an FAAA SafeID subscription and Practitioner Membership may be more cost effective than you think. The lower costs for FAAA SafeID available to FAAA Practitioner Members helps to offset the cost of membership – for less than $10 extra a week* you get access to the full range of membership benefits, including your personal listing in the FAAA Find a Planner directory, access to over 200 hours of CPD at no extra costs, and Member rates to attend the FAAA Roadshow, Masterclasses and annual Congress. FAAA membership is part of the pathway to the prestigious CFP designation, exclusive to FAAA members.
* Expected weekly costs will vary for other membership categories – contact us for more information.
How do I pay for FAAA SafeID?
FAAA SafeID users are charged monthly by Direct Debit. Please contact us (safeid@faaa.au) if you would like a quote.
How do I sign up for FAAA SafeID?
You can email us at safeid@faaa.au and we will provide you with a sign up link.
Is there a lock in period for subscription?
There is no lock in period. You may cancel your subscription at any time.
How many users can I have on FAAA SafeID?
You may appoint any number of users from your practice. Each user will have log in access and be counted as a subscriber to the SafeID platform for billing purposes. A practice must also nominate one user to have administrator access.
Request a demo or quote, or ask a question...
Frequently asked questions
What is FAAA SafeID?
FAAA SafeID is a convenient, secure digital tool for identifying and verifying your clients while protecting their data. The FAAA SafeID portal is compliant-by-design, prompting users to complete the necessary steps for client identification and verification for AML/CTF purposes.
How does it support financial advisers' AML/CTF obligations?
FAAA SafeID is designed to meet the ‘Know Your Client’ requirements for financial advisers who arrange to provide Item 54 designated services to their clients. With FAAA SafeID, you can digitally or manually identify clients including running PEP, Sanctions, Fraud or Adverse Media checks where indicated, and maintain records safely in the FAAA SafeID portal.
What is the benefit of using FAAA SafeID?
In a nutshell, the benefit of using FAAA SafeID is keeping your client data safe and meeting your AML/CTF requirements.
FAAA SafeID enables you to complete client identification and verification quickly and efficiently, while ensuring robust data security for your clients. If you are required to store copies of documents, you can upload them to the secure FAAA SafeID portal.
How effective is electronic data verification?
Electronic data verification has high success rates and can be completed within minutes. FAAA SafeID performs an online check against official data sources to see whether the biographic information on a client’s identity document matches the original record. These data sources include the Australian Document Verification Service (DVS) as well as a range of others.
Who can be digitally identified and verified using FAAA SafeID?
You can digitally verify individuals, sole traders and the individual beneficial owners of trusts and companies. You can also digitally verify the entities they own, if the data exists to do so.
What if a client cannot be digitally verified?
FAAA SafeID provides a secure and compliant-by-design platform for documenting manual client identification and verification procedures as well. This can be helpful for clients who lack mainstream forms of identification and who can’t be identified digitally.
Is there a discount for FAAA Members?
Yes. The higher the proportion of advisers/financial planners in your practice who are also current FAAA Members, the better the price for your firm. Firms where all the advisers/financial planners in the practice are FAAA Members (e.g. CFP Professional, Financial Planner AFP and/or Practitioner) receive the best price for FAAA SafeID.
Can we access the discount if not all practice staff are members?
Yes, the discount applicable will be calculated on a pro rata basis, taking into account the proportion of advisers/planners who are also current FAAA Members.
Is there a limit to how many checks can be done per month?
There is no limit to the number of checks that you can complete over any time period.
Do product providers accept identification through FAAA SafeID?
This is up to each provider, but FAAA SafeID creates a detailed pdf report demonstrating AML/CTF compliance checks and client information in a format similar to the existing FSC/FAAA client ID forms. We are in ongoing discussions with providers and the FSC regarding making this report (or its digital equivalent) the accepted standard.
Will advice licensees accept identification through FAAA SafeID?
Many licensees allow the use of digital client identification tools. While it is best to check with your own licensee about this, we are happy to help with any discussions with your licensee.
How much does FAAA SafeID cost?
“All FAAA SafeID users benefit from our competitive enterprise rates. Starting from $70 per month, per user (excl gst), you can gain efficiency and peace of mind that your client data is safe. FAAA members enjoy a discount to our already competitive rates. Monthly fees will vary depending on usage and your practice’s subscription rate. We are happy to produce a quote tailored for your practice – please email us at safeid@faaa.au to arrange.
How can I arrange a demo or talk to someone?
Please email us at safeid@faaa.au and we will be happy to arrange.
Will FAAA SafeID meet all of a Reporting Entity's AML/CTF obligations?
Reporting Entities will have AML/CTF obligations based on the particular services they provide to clients. FAAA SafeID provides support for Know Your Client , Client Due Diligence and associated record keeping obligations, but Reporting Entities remain responsible for meeting their overall AML/CTF obligations. If you want to know more about AML/CTF obligations, you can visit the AML /CTF Hub on the FAAA website or email our Policy Team at policy@faaa.au
Is digital client identification and verification acceptable to AUSTRAC?
Yes. AUSTRAC have issued guidance regarding use of digital databases and reg tech providers to assist Reporting Entities to comply.
Are there further benefits if I become an FAAA Member?
Combining an FAAA SafeID subscription and Practitioner Membership may be more cost effective than you think. The lower costs for FAAA SafeID available to FAAA Practitioner Members helps to offset the cost of membership – for less than $10 extra a week* you get access to the full range of membership benefits, including your personal listing in the FAAA Find a Planner directory, access to over 200 hours of CPD at no extra costs, and Member rates to attend the FAAA Roadshow, Masterclasses and annual Congress. FAAA membership is part of the pathway to the prestigious CFP designation, exclusive to FAAA members.
* Expected weekly costs will vary for other membership categories – contact us for more information.
How do I pay for FAAA SafeID?
FAAA SafeID users are charged monthly by Direct Debit. Please contact us (safeid@faaa.au) if you would like a quote.
How do I sign up for FAAA SafeID?
You can email us at safeid@faaa.au and we will provide you with a sign up link.
Is there a lock in period for subscription?
There is no lock in period. You may cancel your subscription at any time.
How many users can I have on FAAA SafeID?
You may appoint any number of users from your practice. Each user will have log in access and be counted as a subscriber to the SafeID platform for billing purposes. A practice must also nominate one user to have administrator access.
