Understanding KYC Identity Verification for Australian Businesses

Know Your Customer (KYC) identity verification is a cornerstone of AML/CTF compliance. With Tranche 2 extending obligations to new professional sectors, understanding how KYC works — and how to implement it efficiently — is essential for Australian businesses.

What is KYC and why does it matter?

KYC is the process of verifying a customer's identity before providing them with a designated service. Under Australia's AML/CTF Act, reporting entities must perform customer due diligence to confirm that clients are who they claim to be. This helps prevent identity fraud, money laundering, and terrorism financing.

For Tranche 2 entities — accountants, lawyers, real estate agents, and others — KYC is now a legal requirement when providing certain services. Failing to verify customer identities can result in significant penalties from AUSTRAC.

How IntelliCompli's KYC verification works

IntelliCompli integrates with Stripe Identity to provide secure, automated KYC identity verification. Here's how it works:

1. 1Initiate verification — From your IntelliCompli dashboard, start a verification for a customer. They receive a secure link to complete the process.
2. 2Document capture — The customer uploads a photo of their government-issued ID (passport, driver's licence, or national ID card).
3. 3Biometric check — A live selfie is compared against the ID photo to confirm the person presenting the document is its rightful owner.
4. 4Result — The verification result (verified, requires review, or failed) is returned to your dashboard with a full audit trail.

What does it cost?

Automated KYC verification via Stripe Identity costs $3 AUD per completed verification. Each plan includes a set number of Stripe Identity verifications per month. See our full platform features for everything included on each plan:

• Starter — 20 Stripe Identity verifications included, then $3 each
• Professional — 60 Stripe Identity verifications included, then $3 each
• Enterprise — Volume discounts available

IntelliCompli also offers manual verification at no additional cost. You can review and approve customer identity documents yourself directly from the dashboard — included on every plan.

For Stripe Identity, you are only charged when a verification completes. If a customer abandons the session or the verification is incomplete, there is no charge. No credit card is required to sign up — you only need a payment method if you choose to use Stripe Identity.

Biometric vs document-only verification

IntelliCompli supports both document-only and biometric verification:

When biometric verification is enabled, customers are informed and must provide consent before their selfie is captured. All biometric data is processed securely through Stripe Identity and is not stored by IntelliCompli.

Is Stripe Identity mandatory?

No. Stripe Identity is entirely optional. You can verify customer identities using IntelliCompli's free manual verification instead, or use your own external verification process. Many platform features — sanctions screening, transaction monitoring, risk assessment, regulatory reporting, and staff training — work independently of KYC verification.

Get started

Sign up for IntelliCompli and start verifying customer identities in minutes. All plans are free until July 2026. View pricing details to find the plan that suits your business size.