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KYC and AML/CTF Compliance

Meet AUSTRAC obligations, get to know your customers and comply with AML

What are Know Your Customer (KYC) requirements?

 

Know Your Customer (or KYC) is the process by which organisations verify the identities of their clients and assess any potential risks of doing business with them, including money laundering.

Under Part B of AUSTRAC’s Anti-Money Laundering / Counter-Terrorism Financing Act, it is a requirement for businesses to identify and verify their customers and understand their financial activities.

But, KYC isn't just for legislated industries. It's for any organisation who wants to perform advanced due diligence to protect their business.

 

Perform KYC due diligence by...

  • Collecting information to verify the entity
  • Identifying the beneficial owner of a business
  • Performing a Verification of Identity (VOI) check on an owner to avoid fraud
  • Performing a Politically Exposed Person (PEP) and sanction search to identify involvement in bribery and corruption
  • Continuing to monitor businesses for credit risk

 

Anti-Money Laundering reporting

 

Businesses must show that they have reviewed an individual's financial activities in order to comply with Anti-Money Laundering reporting.

These laws are in place to prevent corruption, tax evasion, theft and other crimes.

CreditorWatch offers two types of Anti-Money Laundering reports that comply with KYC and AML legislation, as well as additional searches and services that streamline the entire due diligence process:

  • AML Screening: This report also performs Politically Exposed Person (PEP), sanction and adverse media checks on the individual.
  • AML Screening and UBO Report: Combine AML screening with a UBO report on all individuals that are classed individual owners of a business.
  • Verification of Identity (VOI) checks
  • Document Verification Service (DVS)
  • Entity and individual verification

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