KYC requirement

KYC Documentation for Remittance Business (Compliant with AUSTRAC and Australian Laws

1. Customer Identification Program (CIP) Form:

   • Full name (as per official identification documents)
   • Date of birth
   • Nationality
   • Residential address
   • Contact information (phone number, email address)
   • Occupation and employer details
   • Identification document details (e.g., passport, driver's license) with document number, issue and expiry dates, and country of issue
   • Source of funds and purpose of remittance

2. Proof of Identity: Customers must provide copies of official identification documents that establish their identity. Acceptable documents may include:

   • Passport
   • Driver's license
   • National identification card
   • Government-issued photo ID

3. Proof of Address: Customers should submit documents that verify their residential address. Examples of acceptable proof of address documents include:

   • Utility bills (electricity, water, gas)
   • Bank or credit card statements
   • Lease or rental agreement
   • Government-issued documents (e.g., tax assessment, voter ID)

4. Proof of Income: Customers may be required to provide documentation demonstrating the source of their funds and income. This may include:

   • Pay slips
   • Bank statements
   • Tax returns or statements of assets

5. Beneficiary Details: Customers should provide the necessary information about the intended recipient of the remittance, including:

   • Full name of the beneficiary
   • Residential address
   • Bank account details (BSB, account number, bank name, and address)

6. Risk Assessment: A comprehensive risk assessment should be conducted to evaluate the potential risks associated with the customer and the remittance transaction. This assessment should consider factors such as the customer's country of residence, transaction volume, source of funds, and purpose of remittance. Compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) should be ensured.

7. AUSTRAC Reporting Obligations: Instant Exchange Pty Ltd must comply with AUSTRAC reporting obligations, including:

   • Submitting International Funds Transfer Instructions (IFTIs) to AUSTRAC for transactions above the reporting threshold.
   • Maintaining transaction records for at least seven years, including information on the customer, beneficiary, and transaction details.
   • Conducting ongoing monitoring and reporting of suspicious transactions or activities to AUSTRAC.

8. Ongoing Customer Due Diligence (OCDD): Regular monitoring of customer activity is necessary to detect any suspicious transactions or patterns. This includes:

   • Periodic updates of customer information to ensure accuracy and completeness.
   • Assessing the ongoing suitability of the customer relationship based on risk factors.
   • Reviewing transaction history and conducting enhanced due diligence for higher-risk customers.

9. Compliance Officer: Instant Exchange Pty Ltd must appoint a dedicated Compliance Officer responsible for overseeing the compliance program, including KYC procedures, reporting obligations, and staff training.

10. Staff Training: All employees involved in customer onboarding and remittance operations should receive regular training on AML/CTF obligations, KYC procedures, and detection of suspicious transactions.