Name: ClearAML KYB Engine
Brand: ClearAML
Price: 8.00 AUD
Availability: InStock

Question 1

What is KYB and why is it required for AML compliance in Australia?

Accepted Answer

Know Your Business (KYB) is the process of verifying the identity and ownership structure of a business or non-individual entity — a company, trust, SMSF, or partnership. Under the AML/CTF Act, reporting entities cannot apply the individual identity verification process to entities — they must verify the entity itself and identify the individuals behind it (beneficial owners). Failure to complete KYB for corporate and trust clients is one of the most common deficiencies cited by AUSTRAC in sector reviews.

Question 2

How does ClearAML handle trust deed verification?

Accepted Answer

For discretionary trusts, ClearAML collects the trust deed (or an extract), identifies the trustee (individual or corporate), maps the named beneficiaries and beneficiary classes, and identifies the settlor if the trust was established within the last two years. The trustee and any individual trustees are then routed through identity verification and PEP/sanctions screening. For unit trusts, unit holders above the 25% ownership threshold are identified and verified as beneficial owners.

Question 3

How does ClearAML verify an SMSF client?

Accepted Answer

For SMSF clients, ClearAML verifies the fund's ABN against the ATO register and identifies whether the fund has individual trustees or a corporate trustee. Where the trustee is a company, ClearAML applies the corporate KYB workflow to identify the directors. Each individual trustee (or director of a corporate trustee) is routed through identity verification and PEP/sanctions screening, as they are the individuals who control and benefit from the fund.

Question 4

How does ClearAML handle multi-layer corporate structures?

Accepted Answer

ClearAML maps corporate ownership chains through each layer — if a shareholder is itself a company, ClearAML prompts for that entity's structure and continues until individual beneficial owners are identified at each branch. The beneficial ownership threshold is 25% direct or indirect ownership, or effective control regardless of shareholding. The completed structure map is retained in the client's audit trail.

Question 5

What is the beneficial ownership threshold under the AML/CTF Act?

Accepted Answer

Under Australia's AML/CTF framework, a beneficial owner is generally any individual who owns or controls 25% or more of the entity, directly or indirectly. However, the threshold is a floor, not a ceiling — reporting entities must also identify and verify any individual who exercises effective control over an entity regardless of their shareholding. ClearAML applies both tests and flags any individual who meets either criterion for identity verification and screening.

KYB Australia Trusts, SMSFs & Corporate Chains

How does ClearAML handle KYB for Australian entities?

Why KYB is harder than KYC for Australian firms

The five entity types ClearAML handles

Sole Trader

Pty Ltd Company

Discretionary Trust

SMSF

Multi-Layer Corporate Chain

Manual KYB vs ClearAML

Manual KYB process

ClearAML KYB engine

Compliance in 3 Simple Steps

1. Select Entity Type

2. ASIC Data Pulled Automatically

3. Beneficial Owners Identified and Verified

Everything you need to be compliant

ASIC Register Integration

Trust Verification

SMSF Verification

Corporate Chain Mapping

Beneficial Ownership Threshold

All Five Entity Types

Simple, Transparent Pricing

Starter

Professional

Enterprise

Starter

Professional

Enterprise

Frequently Asked Questions