Does easyAML run an ASIC search on every entity?

Every KYB on an Australian-registered entity queries ASIC directly in real time. ASIC is the authoritative register for Australian companies and the reliable-and-independent source AUSTRAC expects reporting entities to verify against.

What the platform pulls from ASIC:

• Entity name, ABN / ACN, type (Pty Ltd, public company, registered scheme, etc.), and registration status.
• Registered office and principal place of business.
• Directors and secretaries (current).
• Shareholders and shareholding percentages, with the "beneficially held" flag for each holding.
• Date of registration and any deregistration events.

Ongoing monitoring. easyAML runs ongoing monitoring - when a director, shareholder or status change occurs at ASIC, the platform flags the change to the Compliance Officer and (where the customer is active) triggers a KYB re-check.

Non-Australian entities. ASIC doesn't cover foreign companies. easyAML is able to connect to 100’s of international registries. In some cases, Tier 2 / Tier 3 KYB pricing applies for offshore corporate registers (see Section 8), and the unwrap covers similar fields but via the appropriate country-specific register.

Trusts aren't externally registered with ASIC or any other public register - the trust deed is the authoritative source. KYB on a trust pauses for the deed to be uploaded; the controlling persons (trustees, appointor, named beneficiaries) are then automatically extracted from the trust deed. See Section 3.

See AUSTRAC's Trust and corporate services designated services page.

Related articles

• What does the KYB unit price include?
• A KYB failed to identify known UBOs. What's the workaround?
• Can a platform user override the UBOs identified by KYB unwrapping?
• For company/trust onboarding where the trust deed isn't yet in easyAML, what should the user do?
• How are director/shareholder changes for an existing entity handled?