The 100 point check is a personal identification system adopted by the Australian Government to combat financial transaction fraud by individuals and companies, enacted by the Financial Transactions Reports Act (1988) (FTR Act),[1] which established the Australian Transaction Reports and Analysis Centre (AUSTRAC) and which continued in existence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
The system now also applies to the establishment of a number of official identity documents, such as an Australian passport and driving licence.
Members are required to provide 100 points of ID when applying to transfer their accumulation funds (receiving monies) to a pension-based fund (paying monies).
"Reporting entities" are required to identify their customers using the 100 point check system.
This practice is not compliant with the Payment Card Industry Data Security Standard and must be removed from all 100 point check forms.