How does easyAML handle deceased directors or shareholders still showing in ASIC?
The clean path is to update ASIC first or proceed under a documented override.
The clean path is to update ASIC first - the company should lodge an ASIC Form 484 to remove the deceased director and, if applicable, transfer the shareholding to the estate or the next legal holder. ASIC update is the authoritative source easyAML uses, so an out-of-date register is a real CDD problem.
Where the ASIC update can't be completed in time for a pressing transaction, the workflow is:
- Capture probate documentation - the Grant of Probate or Letters of Administration, plus the death certificate.
- Identify the legal personal representative (executor or administrator) instead of the deceased person. The executor effectively stands in the deceased's shoes for AML/CTF purposes.
- Upload the supporting documents as supplementary evidence on the transaction. Note in the platform why standard KYC could not be run on the deceased.
- Re-run the KYB once ASIC is updated, so the audit trail reflects the corrected structure.
This treatment is consistent with the AUSTRAC court-order exemption that covers estate distribution under a Grant of Probate - the executor is acting under judicial authority and the documents themselves are reliable and independent for identifying the controlling person.
Related articles
- Glossary: Key Terms & Definitions
- What's the difference between CDD, KYC and KYB - and when does each apply?
- Does assisting an executor in distributing a deceased estate fall under designated services?
- Are court-ordered transfers of real estate a designated service?
- Does easyAML run an ASIC search on every entity?