The DentiCare Solution

As a financial service provider DentiCare, just as all finance organizations are in Australia, is bound by strict regulations implemented and governed by ASIC, APCA & AUSTRAC.  The financial regulatory framework is primarily designed to protect consumers and ensure compliance with the Anti-Money Laundering and Counter Terrorism Financing Act.

The Know Your Customer (KYC) process is a foundational component of AML/CTF regulations. KYC requires financial services providers to establish and verify the identities of their customers in order to assess the money laundering risk that they present and understand their transactional behaviour. Those same verification measures are also necessary when financial institutions deal with other businesses as part of a supply chain, stakeholder, beneficiary or similar relationship. In this context, that verification process is referred to as Know Your Business (KYB).

What Does KYB Require?

Although specific regulations vary by jurisdiction, KYB regulations generally require firms to perform suitable due diligence, collecting and analysing a range of data and information on the businesses with which they have relationships. In order to establish beneficial ownership, KYB regulations may require DentiCare to source information such as:

• Company address
• Registration documents
• Trust deed documentation
• Licensing documentation
• Identities of directors and owners

Beneficial Owner

A Beneficial Owner is an individual who owns 25% or more of, or otherwise controls the business of, an entity (such as a trust, an association or a company). Ownership and control may be direct (such as through shares) or indirect (such as shares held by a third party on the individual’s behalf). ‘Control’ means having the ability to determine decisions about the entity’s financial and operating policies.