Automated AML & KYC monitoring is coming soon.
The Taxpartna AML/KYC check is temporarily unavailable and will return at a later stage. When it does, it will help with your ongoing client due diligence obligations: screening directors, shareholders and associated parties against DFAT sanctions lists, flagging adverse media, verifying beneficial ownership and assessing industry risk, all in one review.
AML KYC Review Complete
Review
AML/KYC review flagged items for Smith & Co Pty Ltd (Key Individual: John Smith)
Summary Indicators
Detailed Check Results
| Indicator | Result | Explanation |
|---|---|---|
| Foreign domiciled directors | Pass | Director address is in Hawthorn, VIC. No foreign domicile indicators detected. |
| Foreign domiciled shareholders | Pass | Shareholder address is in Hawthorn, VIC. Australian domiciled. |
| Non-beneficial shareholder holding 25% or more | Pass | All shares are marked as beneficially held. No non-beneficial holdings detected. |
| DFAT sanctions screening | Pass | No matches found on the DFAT consolidated sanctions list for any associated parties. |
| High-risk cash income industry | Pass | Jewellery retail is not classified as a high-risk cash income industry. |
| Medium-risk cash industry review | Review | Jewellery retail is listed as a medium-risk cash-intensive industry. Review recommended. |
| Related party credit loan liabilities over $100,000 | Pass | The only related party loan balance is $12,450 which is below the $100,000 threshold. |
| Adverse media internet search recommendation | Optional | Optional for user to undertake. No major adverse media flags identified. |
What Taxpartna Will Check
When it returns, our AML/KYC monitoring module will run a comprehensive set of checks tailored to the obligations Australian accounting firms face under the AML/CTF Act.
DFAT Sanctions Screening
Automatically screens all associated parties against the DFAT consolidated sanctions list, identifying any matches that require escalation.
Adverse Media Review
Flags where an adverse media search is recommended and highlights any significant findings across all associated parties.
Beneficial Ownership Check
Identifies non-beneficial shareholdings of 25% or more that may require further KYC verification of the ultimate beneficial owner.
Foreign Domicile Detection
Reviews director and shareholder addresses to flag any foreign domicile indicators that may trigger additional due diligence requirements.
High-Risk Industry Detection
Cross-references the entity's reported business activity against ATO and AUSTRAC high-risk and medium-risk cash-intensive industry classifications.
Related Party Loan Review
Identifies related party credit loan liabilities exceeding $100,000 that may warrant closer examination under AML/KYC guidelines.
AML & KYC monitoring is coming soon.
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