Lee Bailie

19 April 2018

With a lack of clarity around the regulatory requirements of Tranche 2, we are often asked if our clients should familiarise themselves with offerings in the market to assist them in this journey – how can they be compliant?

Ultimately the responsibility for creating compliant processes and understanding regulatory requirements rest with the client, but third-party providers can help create the environment for robust risk management and identification management control, from planning your RegTech program to search, record data, monitor and report in line with requirements.

At a minimum, here are the key elements to building a successful KYC process:

1. Search

All new clients should go through an extensive search and verification of identity process during onboarding to ensure compliance from the very beginning.

2. Record

Data should be easily captured by individuals in one centralised space, so your risk and compliance team or consultants can access easily.

3. Dashboard

Establish a simple dashboard that shows a pass/fail for all clients so any individual in the business can see.

4. Monitor

Use monitoring tools to capture any change in the situation of your clients.

5. Report

Establish a robust reporting process that meets regulation requirements moving forward.


The more you can automate the system, the easier it is to manage with less time, cost and resources involved and less room for human error or oversight, particularly with ongoing monitoring requirements.

If you’re interested in learning more about the AML/CTF Act in Australia and how Tranche 2 will impact local businesses, download our AML Expert eBook!

Lee Bailie

Lee Bailie

Lee joined InfoTrack in 2017 with a background in the professional services industry and information technology, spanning over 15 years. As the General Manager of Product and Innovation, Lee is responsible for determining customer needs through direct contact with our clients, market research, product consideration, specifications and industry requirements. Lee works closely with InfoTrack’s development team and clients in order to deliver innovative solutions that are aligned to our customer’s needs. He maintains a constant line of communication with InfoTrack’s client base to ensure that his team are developing products that truly improve the productivity and efficiency of the clients they serve.

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