Who is a beneficial owner
An individual who ultimately owns or controls the entity: ownership of 25% or more, directly or through other entities, plus anyone who controls it by other means.
Companies
- Pull the ASIC extract and list the shareholders.
- For each corporate shareholder, go up a level until you reach individuals.
- Identify and verify every individual at 25% or more, and the directors who control it.
Trusts
Identify the trustee (and its beneficial owners if corporate), the settlor where relevant, the appointor, and the beneficiaries or classes named in the deed.
When you cannot work it out
Layered structures, foreign entities and nominees are red flags. Record what you found and could not find. If ownership cannot be established, treat the client as high risk and consider whether to act.
Questions people ask
- Does a discretionary trust have beneficial owners?
- Yes. The trustee and appointor control it, and the classes of beneficiaries must be identified from the deed.
Sources
Official AUSTRAC guidance this page was checked against. The date is when we captured the page; AUSTRAC may have updated it since.
- Overview of initial customer due diligence · AUSTRAC, captured 17 May 2026
- Initial CDD for body corporate, partnership or unincorporated association · AUSTRAC, captured 07 June 2026
- Initial CDD for trust · AUSTRAC, captured 07 June 2026
This guide is general information for solicitors, conveyancers, settlement agents, not legal advice. Check AUSTRAC's current guidance for your situation.