Before Core Spreads, a trading name of Finsa Pty Ltd, can approve an application it must have verified the identity of the applicant, otherwise known as completing Know Your Customer (KYC). Section 4.2.7 of the AML/CTF Rules requires that client information must be verified based on “reliable and independent documentation”, “reliable and independent electronic data” or “a combination of both”.
The level of KYC we perform on each applicant is dependent on the risk profile of that client. The risk profile is assessed using 4 parameters:
The type of service we provide (3) is set as the Financial Services under our AFSL (422661). The method by which we deliver this service (4) is currently set as we only settle through a domestic registered bank, Westpac. For retail clients the type of client (2) is set, which leaves Country of origin (1) as the means by which we determine the level of KYC that is needed.
The Country of origin risk level is ascertained with reference to the FATF guidelines and reconsidered on a quarterly basis in line with FATF’s quarterly reports. Please call our customer service department for further information on the risk status of your country of residence if required: +61 (0)2 80466473.
The document requirements per risk category are as follows:
One item from List A to verify photographic identity against date of birth and a document to verify name against current residential address. If the document provided from List A details both date of birth and address, it will be sufficient. If not, a separate document is required from either List A or B. A scanned coloured copy or a photo taken by a smartphone will be acceptable.
One item from List A to verify photographic identity against date of birth and another item from either List A or B, at least one of which verifies the current residential address, as entered on the account application. A scanned coloured copy or a photo taken by a smartphone will be acceptable.
One item from List A to verify identity; one item from either List A or B, at least one of which verifies the current residential address, as entered on the account application; and a bank statement, dated within the last three months. A scanned copy or photo taken by a smartphone of the documents will be acceptable.
Acceptable documents are as follows:
List A - all of which must not have expired
List B - dated within the last three months
All the above documents need to be dated within the past 3 months. In the case where the original document is in an electronic format, we accept the electronic version as the original. We cannot accept screenshots of an online account for verification processes.
If an applicant has entered a PO Box address on the application form, we need to ascertain the underlying residential address by receiving one of the following: