From tranche 1 entities to tranche 2 we help Australian businesses stay ahead of AML obligations. Verify identities on our secure platform, or outsource to us for fast, reliable, fully compliant customer onboarding.
Get ahead of upcoming tranche 2 customer due diligence (CDD) obligations with our expert team and smart technology.
See how we make identity verification, ongoing monitoring, and record keeping effortless, so you can stay compliant with confidence.
Get peace of mind with our compliance program development service. We’ll help you design and implement a tailored program and risk assessment that clearly outlines your CDD processes, ongoing client monitoring, and how you assess a clients potential money laundering risk.
Free yourself from manual checks and use our secure, online AML verification tool to confirm your customers identity, or outsource to us and we can do it for you.
Save time and reduce risk with our expert team who can manage all high-risk scenarios requiring enhanced customer due diligence, including complex companies and trust structure breakdowns to correctly identify ultimate beneficial owners (UBOs) and control.
Never miss a client check with our dedicated team of analysts. We can manage your ongoing customer due diligence and conduct periodic customer reviews based on your risk profile.
Centralised record keeping and data management systems means your customer due diligence documentation is securely kept in one place, which is easy to access, at any time, from anywhere in the world.
We can work alongside you to help with complex customer due diligence cases, or fully outsource to us and we can manage end-to-end client onboarding for you.
Do it for you
You can relax as we take full ownership of the CDD process, including identity verification, establishing source of wealth and funds, enhanced due diligence, ongoing monitoring, record keeping, and compliance reporting support. We act as your entire CDD ecosystem.
Do it with you
Our expert team are on hand to help you with high-risk cases such as politically exposed persons (PEPs), complex ultimate beneficial ownership structures, companies and trusts while your internal team manages standard CDD using our online AML platform.
Whatever option you choose, our outsourcing services are structured to meet AUSTRAC’s specific requirements for working with partners so you can be confident you are compliant when delegating CDD tasks to us.
Keep your business moving and onboard clients quickly without having to compromise your CDD obligations.
Talk to our experts to explore our customer due diligence solutions, or book a demo to see how our powerful technology can help manage your AML obligations.
Don’t let the new AML/CTF rules turn into an unnecessary headache. Talk to us and get tranche 2 ready now.
Initial CDD is the process entities must follow to confirm the identity of customers and ensure the personal data they have provided is genuine.
You must complete most of your customer identification procedures before you provide services to your customer. Information required for individuals includes, their full name as well as either their residential address or date of birth.
In addition, check customers are not subject to sanctions, are not a politically exposed person (PEP), or a relative or close associate of a PEP. If they are you may need to carry out enhanced due diligence.
You must also carry out these checks for any beneficial owner, or agent of the customer.
For customers who aren’t individuals, you must collect information so that you are reasonably satisfied the customer actually exists.
For example, if you are dealing with a company in Australia, you must collect and verify information including the full name of the company. To verify you could check company registrations with the Australian Securities & Investments Commission (ASIC), and check its Australian Company Number (ACN) or Australian Registered Body Number (ARBN).
Enhanced customer due diligence (ECDD)
Enhanced CDD is used for high-risk clients. It involves carrying out extra checks on a customer’s identification and verification, as well as collecting additional information. Doing this will allow you to decide whether a suspicious matter report should be submitted.
A client may be considered high-risk when they:
Ongoing CDD
Ongoing CDD should be conducted on existing customers, so you can ensure your record of your customer’s activities and/or transactions stay up to date and are as you expected. You should have your ongoing due diligence requirements set out in your company compliance programme.
Ongoing CDD ensures that the business relationship, including the activities and transactions within it, are consistent with your knowledge about the customer, their business, and risk profile.
CDD is required when a business that is covered by AML regulations starts a business relationship with a customer or potential customer. It’s also required if their relationship with an existing customer ‘materially changes’ and they need to re-verify a customer identity and risk profile.
In many cases you will not only need to carry out customer due diligence on your client, or the entity you are directly dealing with, but will also need to include:
