Company CDD: ASIC extract is not the whole KYB

People search “company KYB Australia” when an accounting firm has saved an ASIC extract and marked company KYB complete. Checked against AUSTRAC’s page on ownership and control on 4 October 2026. This is general information, not legal advice. This page does not reproduce that guidance. The extract compared with the beneficial-owner test is on UBO versus an ASIC extract. The collection steps are on how to perform beneficial ownership checks. The sector map is /tranche-2.

A snapshot is not a verification

An ASIC extract is a point-in-time picture of lodged details: the company name, officeholders, and share information as registered. It is useful. It does not look at the human and it does not apply your program’s risk rating. It also stops at what was lodged.

A shareholder that is another company, or a trust, is a line on the page, not the individuals behind it. Company KYB in Australia is the check your program describes for that customer. The extract can be the document you start from. Completion is when the individuals who own or control have been identified as the program requires, and the company check itself has been done; marking “extract saved” is how a file looks finished on a Friday and fails on a Monday; this page does not restate the 25% test.

• Date the extract. An old PDF is a clue about an old register. Write the date on the file.
• Follow a corporate shareholder. The name of a holding company is not a beneficial owner.
• Follow a trust shareholder. The extract will not list the humans. The trust is the next step, on the trust page, not a reason to stop.
• Verify the humans separately. Each individual the program names is their own check, not a highlight on the PDF.

What the extract gives the accountant

Use the extract as a tray of facts. Do not use it as a stamp. The partner reviewing the file should be able to see the PDF and still see an open question beside it.

Where the extract page stops

This page is the accountant’s mistake of stopping at the PDF. It is not the full comparison of UBO and the extract, and it is not the collection procedure. Those are UBO versus an ASIC extract and how to perform beneficial ownership checks. FreeAML does not download the extract and does not finish KYB when a PDF is uploaded.

The firm suite is A$0. The client pays the company check and each required personal check.

What the client pays

On FreeAML the firm suite is A$0. The firm emails the client a link. Verification is client-pays. On the public list a personal KYC check is A$20 and a company or trust KYB check is A$40. Use KYB when the customer is a company or a trust. The firm suite does not include an ASIC extract, and the extract is not a completed KYB check. Confirm the live amounts on FreeAML pricing. FreeAML does not treat an ASIC extract as a finished KYB check or pull the extract for you.

Frequently Asked Questions