AUSTRAC Tranche 2 is live from 1 July 2026. Accountants, lawyers and real estate agents must comply. Get compliant now

KYC Requirements Australia 2026

KYC Requirements in Australia 2026

What you must collect, verify and store under the AML/CTF Act 2006 and the Tranche 2 reforms effective 1 July 2026.

Individual Clients (KYC)

What You Must Collect and Verify for Individual Clients

Information to Collect

✓Full legal name
✓Date of birth
✓Residential address
✓Occupation or business activities
✓Nature and purpose of the business relationship

How to Verify

✓Electronic ID check via DVS (Medicare, Driver Licence, Passport)
✓Document capture and authentication
✓Biometric face match with liveness detection
✓PEP and sanctions screening

What You Must Collect and Verify for Corporate Clients

Company Information

✓Company name and ACN
✓Registered address
✓Nature of business activities
✓Full list of directors
✓Shareholders with 25% or more ownership

Verification Steps

✓ASIC company extract
✓Identity verify each director individually
✓Identity verify each 25%+ shareholder
✓Map full beneficial ownership chain
✓Sanctions check on all individuals

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