One KYC Check
for your property, business, jewellery or other regulated transaction.
Do It Once. Save Time & Money.
Generate required AML/CTF KYC paperwork for all your needs.
For Property Transactions
Generate and share required AML/CTF KYC paperwork with your real estate agents, conveyancers and solicitors.
For Jewellery Purchases
Generate and share required AML/CTF KYC paperwork with your jeweller.
For Business Structuring
Generate and share required AML/CTF KYC paperwork with your accountants and solicitors.
For Regulated Transactions
Generate and share required AML/CTF KYC paperwork with service providers for other regulated industries.
TLDR: AML/CTF KYC
... and what it means for you.
What is AML/CTF?
AML/CTF refers to Anti-Money Laundering and Counter Terrorism Finance. Laws relating to it recently came into force, requiring due diligence on property, business, certain jewellery and other transactions.
What is KYC?
KYC stands for Know Your Customer. It is a due diligence process required to be carried out on customers involved in regulated transactions. KYC checks go beyond verifying identity. You are required to provide evidence of source of funds and details of any legal structures, like trusts and companies.
Why am I asked the same things multiple times?
Unfortunately regulated service providers do not coordinate, so they end up conducting the same due diligence process on you multiple times. A single property transaction could mean doing exactly the same paperwork - for your real estate agent, for your solicitor/conveyancer and potentially for your accountant.
Do KYC checks cost me?
KYC checks take time, and more often than not, it will be passed onto you by the service provider. So you could be charged multiple times for the same transaction.
How can we help?
We can generate a single KYC assessment you can share with your real estate agent, solicitor, conveyancer, accountant, jeweller or other service provider - saving you time, money and frustration!
What service providers may require KYC checks?
AML/CTF regulations cover accountants, banks, bullion/precious metals/stones dealers, casinos, financial planners, legal professionals, life insurance, non-bank lenders, online betting, pubs/clubs, NFP, remittance providers, securitive/derivatives, superannuation and virtual assets.
How It Works
Save time and money with the power of AI
1Start One KYC Process
You provide service provider contact details and kick off the One KYC AI process. The One KYC process comprises:
- an onboarding phase - where we gather required information about you, the transaction, and the service you are seeking from your service provider.
- a due diligence phase - where AML/CTF due diligence is conducted on the information gathered during the onboarding phase.
2Gather Information
You will receive an email asking for required information to complete the onboarding phase. Feedback will be provided if there are any gaps in the information requested.
3Onboarding Report
Once all necessary information is gathered, a draft onboarding report (containing gathered information) will be generated for your review. You have the opportunity to add anything you think might be missing and/or inaccurate about you and/or your organisation before it is finalised.
4KYC Report
Once the onboarding report is finalised, KYC reports will be generated and sent to your chosen service providers, along with the original documents you supplied.
Pricing
Our AI agents work on credits, which you can top up anytime at USD$1 = 2 credits.
One KYC
Report
70 credits / USD$35
Verification Of Identity
(with Liveness Check)
30 credits / USD$15
Why ComplyMe.AI?
One KYC Check was developed to reduce time, money and frustration.
Built-in Legal Scrutiny
Our assessments were developed by qualified legal and audit professionals. This provides a high level of compliance assurance to report recipients.
AUSTRAC Approved
AUSTRAC is the national regulator of AML/CTF requirements. All KYC reports are generated using AUSTRAC approved processes and forms/templates.
Assured Independence
To provide assurance of our independence and the integrity of the our process, all KYC reports are independently assessed by AI, cannot be altered and are immediately sent to providers once generated.
FAQs
Am I able to override the AI agent when necessary?
Yes. You can override requests for further information if you feel you have provided all the requested information, by asking the AI agent to only evaluate the information on hand. You also have the opportunity to add anything you think might be missing and/or inaccurate in the information summary report before it is finalised.
What privacy protections are provided on the information submitted?
All original documents are required to be sent to service providers as part of the KYC process. As per Office of the Australian Information Commissioner (OAIC) guidance however, they are automatically deleted as soon as AI process agents complete their task.
Can I access the KYC report sent to service providers?
Yes. The documents will however be in the form of protected PDFs to provide service providers assurance of the independence & integrity of the process.
Can I alter the KYC report?
No. Generated reports are only available as protected PDF documents that cannot be altered or printed. This is to provide service providers assurance of the independence & integrity of the process.
Is there a time limit on the validity of the report?
AML/CTF laws require assessments to be conducted on individual service transactions (such as purchasing a specific property or setting up a trust/company). This means you may need to generate a new report each time you need to conduct a different transaction.
What if my service provider wishes to do their own checks?
The KYC report (typically running 30+ pages) should provide everything needed for service providers as it is based on approved AUSTRAC forms/templates. Some service providers may however have their own processes and protocols. In such instances, you will need to provide extra information or resubmit documentation. We suggest keeping all original documents in one place, just in case.
What if my service provider has questions?
Your report will come attached with an explanation of how One KYC reports are generated and common questions service providers might have. We suggest they contact us directly if there are any questions.
Do you have a sample report?
Yes. You can download a free sample here.
What is involved in a KYC Check?
KYC checks can involve multiple assessments and is highly dependent on the nature of the transaction and whether you are transacting as an individual or an organisation. The due diligence on a property purchase by salaried individual for example, will be much simpler than one done through a trust with multiple beneificiaries. Below are some of the things that may be assessed:
- the nature and amount of the transaction and if it involves physical or virtual currency
- whether you are conducting the transaction face to face or purely online
- whether you are politically exposed, through an influential position in government
- your source of wealth or funds for the proposed transaction
- whether you can provide the relevant documentation to prove your identity and authority to act
- whether you are on a sanctions list
- whether there is any adverse media about you or the organisation you represent
Do I need to do a Verification of Identity (VOI) check?
Verification of Identity (VOI) checks are required for property transactions and will typically be requested if you are not engaging with your service provider on a face to face basis. We suggest you do one for completeness.
Complyme partners with Stripe to conduct identity verification online. Stripe builds technology that’s used by millions of companies around the world such as Amazon, Google, and Zoom. Stripe helps with everything from accepting payments and managing subscriptions, to verifying identities. Our VOI checks involves verifying government photo identification (such as driver's license or passports) and matching it with realtime selfies.
Automated KYC Processes
Below are checks we have automated, to save you time and money.
Adverse Media Checks
This requires lengthy checks on whether there is any adverse media about you in the public domain. We automated this process so service providers do not end up passing the costs onto you.
Sanctions Check
This requires lengthy checks on official government registers. We automated this process so service providers do not end up passing the costs onto to you.
Politically Exposed Persons (PEP) Check
This requires lengthy checks on information in the public domain. We automated this process so service providers do not end up passing the costs onto you for it.
Beneficial Ownership Check
This requires lengthy reviews of submitted submitted documents and manual searches. We automated this process so you only do it once and service providers do not end up passing the costs onto you.
Source of Wealth Check
This requires manual reviews of submitted documents. We automated this process so you only do it once and service providers do not end up passing the costs onto you.
Verification of Identity (VOI) Check
Instead of lining up at the post office, save time and money with our digital verification process which includes a liveness (selfie) check against your provided photo identification.
Have a question?
Get in touch
