When our customer is an individual, who do we need to KYC?
The customer, anyone acting on their behalf (with authority evidence).
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 page.
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