ASIC makes it harder to KYC

Without forewarning, ASIC immediately changed company register extracts to exclude directors’ residential addresses to protect this personal information. Exceptions are apparently being made for liquidators to access this information through the liquidator portal, which is welcome but only useful after appointment.

We are merely 5 months away from the commencement of tranche 2 of the AML reforms which requires not just liquidators but all accountants, lawyers and other professionals to know your client (KYC) before providing certain services to them. How are professionals meant to comply when it gets harder to KYC and easier for true controlling mind to be concealed where there is no way to verify information?

That’s without mentioning the DIN which remains in a technological hole, unavailable for its intended purpose of weeding out false director profiles.