Australian wealth managers are tranche 1 reporting entities under the AML/CTF Act 2006, and the reformed rules commenced on 31 March 2026. Reformed obligations include a documented ML/TF risk assessment, reformed initial customer due diligence (CDD) across individuals, joint accounts, trusts, SMSFs, companies and partnerships, enhanced due diligence for higher-risk clients, ongoing PEP, sanctions and adverse media screening, OAIC-aligned ID document handling, beneficial ownership identification, and an independent-review-ready audit trail. Existing client books must be transitioned to the reformed CDD standard by 30 March 2029.

Yes. LAB Engage supports an adviser concierge mode, where the adviser drafts and submits the wealth onboarding application on the client’s behalf and the platform triggers automated multi-party approval workflows across joint account holders, trustees and authorised signatories. Intelligent form validation lifts adviser submission quality, reducing incomplete applications and back-office remediation cycles that delay client activation. Configurable approval chains route sequential review across adviser, compliance and operations teams, with a full audit trail for AFSL and AUSTRAC oversight.

LAB Verify automates beneficial ownership identification and Know Your Business (KYB) for SMSFs, discretionary and unit trusts, companies and partnerships, including SMSFs with a corporate trustee. ACN pre-fill draws directors, shareholders and registered details directly from ASIC, and the Company Report with UBO Identification automatically traverses the ownership chain to identify the natural persons who ultimately own or control the entity. Identified ultimate beneficial owners are then verified individually using biometric eKYC and document verification, with the full evidence chain stored in LAB Portal for audit.

Yes, LAB Engage automates FATCA and Common Reporting Standard (CRS) data collection inside the onboarding journey, capturing self-certifications, US person status, foreign tax residency and controlling person details for individuals, trusts, SMSFs and corporate entities. Captured FATCA and CRS data is stored against the client case in LAB Portal alongside identity verification and AML screening evidence, ready for export to your tax reporting systems. LAB structures the record; the wealth manager remains the reporting entity that lodges with the ATO and AUSTRAC.

Yes. LAB Portal and LAB Engage both support full white-labelling, so the client-facing onboarding portal, adviser experience and back-office case management workspace carry your firm’s identity throughout the journey. No third-party branding is visible to clients or advisers, which preserves the concierge experience high-value clients expect. White-labelling extends to email notifications, document templates and PDFs delivered during onboarding and ongoing client lifecycle activity.

LAB Engage integrates with the systems your advisers already use, including wealth platforms, adviser CRMs, practice management tools, and clearing and settlement providers, through APIs and pre-built connectors. Client data flows in to pre-populate the LAB Engage application (eliminating rekeying), and approved onboarding data flows downstream into systems for cash account creation, portfolio establishment, and clearing and settlement. LAB Portal is available via single sign-on, so advisers continue working in their existing front-end while compliance and operations teams operate in LAB.