Identity and entity verification
KYC is the established “know your customer” language used in AUSTRAC guidance. KYB is common industry shorthand for business or entity verification; it should not be treated as a separate statutory AUSTRAC category without context.
Last reviewed: · Editorial owner: Onboard Australia
General editorial information. Onboard is a domain portfolio and does not provide AML/CTF software or advice.
An individual path focuses on establishing a person and relevant risk information. An entity path commonly also needs to understand the organisation, who represents it, who controls or owns it where relevant, and why it is seeking the service.
Companies, trusts, partnerships and other legal arrangements have different structures and evidence. A flexible workflow should branch by customer type and preserve the relationship between the entity and the people connected to it.
Reliable independent data can support verification, but mismatches, complex structures, authority questions and risk indicators may require manual review. A pass from one data source is not the whole customer due-diligence process.
Plain-language definitions
Workflow comparison
| Workflow area | Individual customer | Company, trust or other entity |
|---|---|---|
| Primary subject | The individual and any person acting for them | The entity plus relevant representatives and connected persons |
| Typical structure | Personal identity information | Registration, legal form, structure and authority |
| Connected people | Representatives or persons on whose behalf the service is received | Representatives, controllers and beneficial owners where applicable |
| Review complexity | May still require escalation based on risk or evidence | Can require structure tracing, relationship mapping and manual review |
Questions
Regulatory statements are linked to current AUSTRAC guidance. Provider facts on the market page link to each provider’s official website.