Know your customer for non-banks in Australia

People search “know your customer australia” when a search result is written for a bank, and a professional firm needs the Australian non-bank version. Checked against AUSTRAC’s glossary entry for KYC information on 4 October 2026. This is general information, not legal advice. This page does not reproduce that guidance. The professional-firm walk-through is KYC verification in Australia. How KYB differs from personal KYC is KYB versus KYC. The sector map is /tranche-2.

The non-bank meaning

Banks use “know your customer” for account opening, and the phrase leaks into every other industry. A Tranche 2 firm is not opening a deposit account. It is deciding whether it may provide a designated service to this customer. The information AUSTRAC groups under KYC information is what your program says you collect for that decision. A credit score, a marketing profile, and a bank’s periodic refresh are different jobs.

• Start from the designated service. If the file is not a designated service, a bank-style KYC pack is not what the AML/CTF Act is asking for.
• Use your program’s list. The program names what you collect for a low-risk person, a company, and a trust. A blog cannot add a document the program does not require.
• Separate the person from the entity. A person is a KYC check. A company or a trust is a KYB check. The glossary does not merge them into one price.
• Do not copy a bank refresh cycle. Ongoing due diligence for a one-off conveyance is proportionate. It is not a bank’s annual product review.

What the search usually mixes up

The initial due diligence overview is the shape of the work. This page does not walk the steps again. Those steps are on customer due diligence requirements.

Where this page stops

This page translates the phrase for a non-bank. It does not set the firm’s program and it does not say which of your services are designated. That test is on /tranche-2 and on the designated services decision tree.

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. A non-bank does not absorb the check into a product fee on FreeAML. The firm suite is separate from the check the client pays. Confirm the live amounts on FreeAML pricing. FreeAML does not decide that your matter is a designated service, or replace the bank’s own KYC duties.

Frequently Asked Questions