When our customer is an individual, who do we need to KYC?
The customer, anyone acting on their behalf (with authority evidence), and any third party the customer is receiving the service on behalf of.
For an individual customer (someone buying a property, settling an estate, or engaging you in their personal capacity), there is no separate entity to verify - you're identifying one or more natural persons connected to the matter.
Individuals to identify (KYC)
- The customer themselves.
- Anyone acting on the customer's behalf (an agent, attorney-in-fact, or family member with authority), plus evidence of their authority to act.
- PEP and sanctions screening on everyone identified above.
See AUSTRAC's Initial CDD for individuals (Reform) page.
Related articles
- Glossary: Key Terms & Definitions
- What's the difference between CDD, KYC and KYB - and when does each apply?
- Do we need to identify beneficial owners behind a publicly listed company or government body customer?
- When a sole trader moves to a Pty Ltd, must the new company be added separately?
- When a discretionary trust is involved, who needs to be KYC'd?