Customer Due Diligence in AML
Identity Verification | Risk Analysis | Ongoing Monitoring
Frequently Asked Questions
AML/CTF Legislation
What is the AML/CTF Legislation?
The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 is legislation which is in place to help reduce help detect, deter and disrupt money laundering and terrorism financing. Australia is in line with many countries which have similar AML legislation.
How does it affect my day-to-day business?
From July 1 the AML legislation extends obligations to a broader range of industries, known as Tranche 2 Entities. Firms like ours, along with accounting and legal firms, real estate professionals and others are now required to verify the identity of our clients. The process is called Know Your Customer or KYC.
You may be required to provide us with identification documents to enable us to provide you with "designated services". Many of the products we provide you will be designated services when you place an order. You may also have an obligation under the AML legislation to obtain and verify your clients' identification identity.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
You may be required to provide us with identification documents to enable us to provide you with "designated services". Many of the products we provide you will be designated services when you place an order. You may also have an obligation under the AML legislation to obtain and verify your clients' identification identity.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
Why are you asking me for extra information?
Due to recent changes in the Anti-Money Laundering and Counter-Terrorism Financing legislation, we are required by law to verify your identity.
Does Docscentre have enough staff to manage the extra processes involved with AML compliance?
We have a very capable team who have all been trained on the new AML requirements. You are in safe hands. Our goal has been to minimise disruptions to our service delivery, and to ensure that you continue to receive the same exceptional client service that you expect from us.
Changes to Orders
Is there a change to your ordering processes?
If you are a new client, we are required to obtain identification documents from you before proceeding with your order. Existing clients can process orders for now; however, please be prepared for us to ask for documents in the near future in line with legislative requirements.
Will it take longer to order a Company/Trust/SMSF?
We are required to complete AML and identity verification on some entities related to orders submitted from 1 July 2026. For new clients, this will mean completing KYC, and existing clients will need to update information if any of your circumstances change. This should not affect our same day turnaround.
We are relying on our client's to provide relevant information in a timely fashion to ensure the fast delivery you expect.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
We are relying on our client's to provide relevant information in a timely fashion to ensure the fast delivery you expect.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
Exactly what parts of the ordering system are changing?
There will be some changes in how our team processes orders as we are required to verify our client's identity as part of the ordering process.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
Does it affect just orders or are there other parts of your system that are changing?
At this stage our ordering system, and some policies and processes are impacted by the AML changes. We're available to walk you through any questions you have about the changes to the system, and are doing everything we can to minimise disruption and impact on your and your clients.
Timing
When does my firm need to register with AUSTRAC?
If you are a Tranche 2 entity, you will need to register with AUSTRAC between 31 March and 29 July 2026.
When does the new AML system come into place at Docscentre?
We are already developing our AML processes and policies so we are prepared ahead of time. You'll start to see some changes to our platform in the coming months, with the full implementation ready for 1 July 2026.
What happens if I miss the registration deadline?
Due to the AML legislation coming into effect 1 July 2026, we may be required to obtain identity verifications for the beneficial owners of our customers. If identity verification is not possible, this may impact our ability to deliver designated services.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
Security and privacy
Do I have to do KYC for every new purchase or do you store my information and re-use it?
We will not need to complete KYC on every order that you submit. We can rely on previous verifications which will need to be refreshed from time to time. We do not store identity AML documentation, and work with a reputable third party, to verify identifications on our behalf.
What happens if I don't give you the information you ask for?
We may be unable to complete individual orders. Once we have been provided with any required identity verification, we will be able to complete your order.
What happens to my order if my KYC information is not able to be verified?
We may not be able to process your order. If we have genuine concerns about any information provided, we may be obliged to also notify AUSTRAC.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
There are some exceptions available to our pre-existing clients. Please contact us for further information.
What information do you need from my clients, or am I responsible for KYC for my clients?
If you are a Tranche 2 entity, we will not need identity information from your client unless an exception applies.
If you are a Tranche 2 entity, by placing orders with us you warrant that you have completed your own AML obligations under the Act. Alternatively, we have a service, available for a reasonable fee, which you can use to carry out your own verification processes for your clients.
If you are a Tranche 2 entity, by placing orders with us you warrant that you have completed your own AML obligations under the Act. Alternatively, we have a service, available for a reasonable fee, which you can use to carry out your own verification processes for your clients.
Other questions
What are AML Tranche 2 requirements?
Tranche 2 entities include real estate agents, lawyers, and accountants. They must implement an AML/CTF program, perform customer due diligence (CDD), and report suspicious matters to AUSTRAC.
How often should we update our policies?
It is recommended to review your AML/CTF Risk Management policies annually or whenever there is a significant change in your business operations or risk profile.
Who needs an AML Independent Audit?
Under the AML/CTF Act, reporting entities are required to have their AML/CTF Program independently audited. The frequency depends on your specific risk level, but it is typically every 12 to 24 months.
What is Customer Due Diligence (CDD)?
CDD is the process of verifying a customer's identity. This includes collecting information such as full name, date of birth, and residential address to ensure you know who you are doing business with.
What are the penalties for non-compliance?
Non-compliance can lead to significant civil penalties, formal warnings, and damage to your business reputation. AUSTRAC has the power to issue multi-million dollar fines for systemic failures.
Our helpful team is always only an email or phone call away.
You can reach us anytime at
1800 799 666
hello@amlinfo.com.au
