Not necessarily.
The level of checking required will depend on the nature of the client, the service being provided and the level of risk involved.
For most Australian residents with straightforward business structures, the process should be simple. Additional information may be required where there are:
- complex ownership arrangements;
- overseas individuals or entities;
- unusual transactions;
- higher-risk activities; or
- inconsistencies in the information available.
Being asked to complete additional checks does not necessarily mean that anything is wrong. It is part of the risk-based compliance process.
