Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, SelfWealth must verify the identity of all our customers, as well as any additional beneficiaries (of an entity) owning 25% or more.
To assist in the verification of our customers, SelfWealth uses the online identification system and reporting agency Equifax.
By applying to open an account with us, you consent to SelfWealth and its partners conducting an online verification check of your identity. This is done using the personal details provided in your application form.
What happens if I don't pass the check?
If you do not pass the online verification check you will be asked to provide certified copies of either your driver's licence OR passport plus a utility bill (no more than 3 months' old).
Certified copies means photocopies of your documents that have been certified by an approved certifier. Please refer to the Certified Documents information sheet for further details (link to certified documents)
When would I fail the check?
Generally, customers do not pass the electronic verification where
- You have at your residential address for 3 years or more and/or have moved residential address frequently.
- Identification documents have expired.
- Incorrect entry of Identification reference numbers.
- Name and residential address does not match at least 2 data sources.
- Date of birth cannot be validated with at least one data source.
- No customer transaction history has been found for the past 3 years.