Practice, agents and regulation

Know your client (KYC)

Know your client, or KYC, is the process of identifying a client and confirming who they are before providing services to them. In Australia the formal requirement comes from the anti-money laundering and counter-terrorism financing law, which applies to businesses that provide certain regulated services; it is being extended to more professions, so a practice should check the AUSTRAC guidance on whether and from when it applies. Even where the law does not yet apply, many practices verify identity as good practice and to meet professional obligations. KYC covers collecting identity documents, checking them against reliable sources and keeping the record. The practice, not the software, remains responsible for the decision.

General information, not tax advice. The rules change, so check the source page above for the current position. Fedix is developed by Tax7 R&D Pty Ltd.