When you register with OFX, you are required to complete ID verification as part of the onboarding process. This step is essential for both individual and business clients and is a key part of our compliance with global financial regulations.

ID verification is used to:

• Confirm your identity and ensure you are who you say you are.

• Meet regulatory requirements such as Know Your Customer (KYC) and, for businesses, Know Your Business (KYB).

• Prevent fraud, financial crime, and unauthorised access to your account.

• Support a secure and trusted environment for all OFX clients.

Why is this important:

ID verification is a legal requirement for financial institutions like OFX. It helps us:

• Protect you and your funds from identity theft and fraud.

• Comply with anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

• Ensure that only legitimate clients can access OFX services.

• Build trust and maintain the integrity of the financial system.

By verifying your identity at registration, OFX can provide a safer, more reliable service for all clients.

Related FAQ Articles:

• Verify your identity

• What happens if my ID Verification fails?