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When our customer is an Australian Pty Ltd company, who do we need to KYC?

Verify the company through ASIC (name, ACN, addresses), then KYC each director and any beneficial owner holding 25% or more, plus anyone acting on the company's behalf.

A proprietary company (Pty Ltd) is the most common business structure you'll see. There are two parts to the work: confirming the company exists as registered, and identifying the people behind it.

Information to collect about the company

  • Full registered name (as shown on ASIC)
  • ACN
  • Type of company (proprietary)
  • Registered office address
  • Principal place of business

ASIC company extracts (current) are the standard verification source.

Individuals to identify (KYC)

  • Each director - full name plus Director ID where one has been issued. The Director ID regime now applies to all directors.
  • The representative engaging with you - usually a director, the company secretary, or an authorised employee. You need their identity verified plus evidence of their authority to act (a board minute, written authority, or evidence of their role).
  • Each beneficial owner - anyone who owns 25% or more of the issued shares, or who otherwise controls the company. Trace through any holding companies until you reach the natural persons.
  • PEP and sanctions screening on all identified individuals.

For straightforward family-owned Pty Ltds, the same person often fills several roles - the sole director may also be the only shareholder and the representative engaging with you. Capture them under each relevant role rather than skipping the duplication. See AUSTRAC's Initial CDD for a body corporate, partnership or unincorporated association (Reform) page.

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