KYC & AML

ABC Refinery is incorporated in Australia and accordingly subject to Australian law including but not limited to the Know Your Client (“KYC”) & Anti Money Laundering (“AML”) provisions of The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 Act (Cth) (Act).

Under Australian law as administered by AUSTRAC, ABC Refinery is required to obtain, verify and record specific business and identification information about its clients before opening a business relationship and establishing an account.  All client information and data is treated in utmost confidence and is protected under Australian Data Protection laws.  The due diligence review process usually takes between 5 and 10 business days after receipt of a duly completed ABC Refinery Application.  Our internal due diligence processes are constantly monitored and updated to ensure compliance with Australian law.

ABC Refinery is audited annually by independent third parties to ensure compliance with Australian KYC & AML regulatory requirements.  Pursuant to the Act, ABC Refinery submits an AML/CTF Compliance Report with AUSTRAC annually.