Features

This page describes the key features and modules of the Verifia AML/CTF compliance platform.

Core modules

1. Dynamic Risk Assessment Engine

• Industry-specific questionnaires tailored for real estate, legal, accounting, TCSP, and precious metals.
• Four risk dimensions: Customer Risk, Service/Product Risk, Delivery Channel Risk, Geographic Risk.
• Weighted scoring algorithm based on AUSTRAC guidelines producing High / Medium / Low ratings.
• Risk heatmap visualisation with trend comparison across assessments.
• PDF report generation for record-keeping with automatic vault archiving.
• Manual override capability with mandatory audit trail.

2. KYC Workbench

• Customer profile management for individuals, companies, trusts, and partnerships.
• 11-state case lifecycle from draft to active, with sanctions blocking and auto-approval.
• Designated service registration linking CDD obligations to specific service types, with per-industry pre-set service catalogues.
• Guided client onboarding wizard with industry-aware, customer-type-specific intake forms and inline AUSTRAC guidance.
• CDD three-tier workflows — Simplified, Standard, and Enhanced paths with distinct verification checklists.
• Dual-party CDD for real estate (independent CDD for buyer and seller) and delayed CDD for auction scenarios.
• ECDD senior management approval — Enhanced CDD cases require sign-off from a senior person before approval.
• Identity verification with eKYC integration (FrankieOne / Trulioo).
• Global sanctions and PEP screening with behavioural differentiation (sanctions block vs. PEP risk-based vs. adverse media informational).
• Customer risk rating engine with event-driven recalculation.
• Third-party CDD reliance — record and audit-trail when relying on another reporting entity's CDD.
• End-of-relationship workflow — structured close-out, record retention, and vault archiving when a business relationship ends.

3. UBO Entity Penetration

• ASIC direct connect for company information lookup via ACN/ABN.
• Multi-layer ownership penetration with recursive shareholder analysis.
• AI trust deed parsing using multi-agent architecture (DocParser, EntityExtractor, OwnershipCalculator).
• Interactive UBO graph visualisation with node types and ownership percentages.
• Confidence scoring with mandatory human review below 80%.

4. Matter Management

• Business context containers linking customers, KYC cases, transactions, alerts, and reports to a specific engagement.
• Industry-specific matter types — residential purchase, trust establishment, company formation, precious metals transaction, and more.
• Multi-party association with role annotations (buyer, seller, client, beneficiary, etc.).
• Matter-level compliance view showing participant KYC status, transaction summary vs. expected amount, and linked alerts.
• Risk signals — expected vs. actual transaction deviation detection, related party alerts, and stale matter reminders.
• Matter lifecycle — active, on hold, completed, or abandoned — with automatic vault archiving on closure.

5. AML/CTF Program Generator

• AI-powered draft generation based on risk assessment results and industry context.
• Clause library with compliance-expert-reviewed templates.
• Rich text editor for compliance officer review and customisation.
• Version control with diff comparison and change tracking.
• Read confirmation workflow for staff acknowledgment.
• Maintenance trigger system — structured tracking of the 8 AUSTRAC-defined trigger events that require program review (service changes, regulatory updates, independent review findings, etc.).

6. Transaction Monitoring & Reporting

• Manual and bulk transaction entry with CSV/Excel import and matter linking.
• Configurable rule engine for TTR, smurfing detection, and custom rules.
• Precious metals linked transaction detection — invoice-linked, date-linked, instalment-linked, and enhanced structuring rules.
• Alert management workbench with priority-based triage.
• Structured escalation decisions — four-option workflow (Proceed / Apply Controls / Escalate to SMR / Refuse Service) with mandatory rationale.
• TTR/SMR/CBM report assistance with automated evidence gathering and deadline tracking.
• LPP assessment workflow (legal profession only) — automatically inserted before report submission.
• Compliance calendar — centralised view of all upcoming report deadlines with colour-coded urgency.
• Foreign currency handling — automatic AUD conversion at RBA daily rates for threshold assessment.
• Tipping-off protection with automatic confidentiality controls.

7. Compliance Vault

• Automatic document archiving from all compliance activities.
• 7-year retention management with expiry reminders.
• Immutable audit trail with chain-hashing integrity verification.
• Advanced search by document type, date, customer, and transaction.

8. Staff Compliance Management

• Structured personnel due diligence — full lifecycle from pre-role suitability assessment through ongoing reviews to departure handover.
• Employee due diligence records and background checks with status tracking (pending, passed, review due, flagged).
• Training course management with role-based content.
• Online quizzes with pass/fail tracking.
• Training cycle management with automatic renewal reminders.
• Compliance Officer delegation — temporary authority transfer during absence with full audit logging.

9. Effectiveness Testing

• Pre-built test templates for key control areas — SMR, TTR, Compliance Officer, client onboarding, Enhanced CDD, and CBM effectiveness.
• Automatic metric extraction from system data (report timeliness, CDD completion rates, training compliance).
• Annual summary aggregating all test results with trend analysis.
• Management report generation suitable for board or senior management presentation.
• Configurable test scheduling (quarterly, semi-annual, or annual) with reminders and health score integration.

Multi-agent AI architecture

Verifia uses specialised AI agents for complex document processing:

All AI operations enforce data sovereignty — PII-containing requests are routed through Australian-region LLM endpoints.

Security & compliance

• Field-level encryption for all PII data (AES-256-GCM envelope encryption).
• Multi-tenant isolation with row-level security.
• Append-only audit logs with chain-hash integrity verification.
• CSRF protection on all mutation endpoints.
• Session management with automatic expiry and concurrent session limits.