In a statement, both NRF and Kyckr espoused their belief that the combined support of the firm’s Australian regulatory support, and the tech provider’s blockchain solution, would benefit reporting entities in improving how they adhere to their AML/CTF duties.

Speaking to Lawyers Weekly, Kyckr chief executive David Cassidy said its ‘Company Watch’ solution will help clients properly identify the people they are in transactions with.

Banks, financial services and planning institutions, stockbrokers and many others can benefit from such services, he said.

“What we do that’s different is we are connected to over 180 company registers around the world, and so we can let clients know about any changes to a company so they can action it straight away,” he explained.

“This is different to traditional full reviews, which don’t look up what’s changed. It’s about the veracity of data.”

Under the Australian AML/CTF regime, reporting entities are required to have risk-based systems and controls in place so as to aid ‘Know Your Customer’ verifications, where such checks are needed for ongoing customer due diligence purposes.

“Doing periodic reviews isn’t good enough,” Mr Cassidy said.

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The announcement is timely, in light of the recent additional powers granted to the Australian Transaction Reports and Analysis Centre (AUSTRAC) to respond to AML/CTF offences, such as the allegations being dealt with in the ongoing CBA matter.

In light of this, collaboration with lawyers and law firms becomes paramount for the benefit of businesses, Mr Cassidy argued.

As a result, teaming up with NRF is a significant development, he said.

“If we don’t [team up] with lawyers, we’re not delivering full value to our clients.”

“We will do this around the world to ensure our customers get the best results,” he concluded.