KYC Documentation Onboarding Process Checklist

Australian Business Number

The name of the business you trade under as registered.

The main address from which the business is conducted, decisions are made, and the company books and records are maintained.

The address where all communications and notices to the business will be sent. This may be different to the principle place of business and/or trading address.

The address where the location of a POS terminal (if applicable) will be located. This may be different to the principle place of business if a business has multiple locations.

What you require the merchant facility for.

For each person who is a beneficial owner or authorised signatory, we are required to verify their Identity. When verifying the identity of a person we use a third party verification service. When required, you will be requested to provide at least one (1) government ID to assist with the verification. Additional documents may be requested to assist with the verification.

Beneficial Owner

A beneficial owner is the natural person who ultimately owns or controls an entity such as a company, trust or partnership through:

• Direct or indirect ownership of a sufficient percentage of the shares; or
• Voting rights or ownership interest in that entity; or

• Control via other means (other than a company listed on a regulated market that is subject to disclosure requirements consistent with Australian law or subject to equivalent international standards which ensure adequate transparency of ownership information). For trusts, if the trustee is an individual, that individual. If the trustee is a company/partnership, the beneficial owners of those entities.

“Owns” in this case means owning 25% or more of the entity. This can be directly (such as through shareholdings) or indirectly (such as through another entity’s ownership or through a bank or broker).

“Controls” in this case means having the power to make decisions about the entity’s finances and operations. They may exert control through trusts (like an appointor or trustee), agreements, arrangements, understandings, policies or practices.

Note that an entity may have more than one beneficial owner.

Authorised Signatories

Any person who will act as an Authorised Signatory on the merchant account. Generally this is the person(s) signing the Letter of Offer or who has been authorised to act on the merchant’s behalf to make changes to the merchant’s account.

• Name
• Residential Address
• Date of Birth

• Full name of company as registered with ASIC
• Type of company (proprietary/public)
• ACN – Australian Company Number
• Name of all directors

Registered Foreign Company

• Full name of company as registered with ASIC
• ARBN
• The country in which the company was formed, incorporated or registered
• Whether the company is registered by a relevant foreign registration body and if so whether it is a private or public company
• Full name of all Directors if a private company

Unregistered Foreign Company

• Full name of company
• The country in which the company was formed, incorporated or registered
• Whether the company is registered by the relevant foreign registration
• Full address of the principal place of business of the company in its country of formation or incorporation.
• Whether it is registered as a private or public company
• Any identification number issued to the company by the relevant foreign registration body
• Full name of all Directors if a private company

Certified copy of signed/executed trust deed, which must include the following information:

• Full name of the trust
• Type of trust
• Full name and address of all trustees
• Name of each beneficiary or class of beneficiary of the trust
• Full name of the settlor of the trust
• Full names of appointors (if applicable)

Trustee

The same information as required by the type of organisation that is the trustee. E.g. if the trustee is a company - the same information required for companies. If the trustee is an individual - the name, address and date of birth

Certified copy of signed/executed partnership agreement, which must include the following information:

• Name of the partnership
• How income and losses are distributed to the partners and how the business is controlled
• Full name and residential address of all partners

Certified copy of the constitution or most recent meeting minutes of the association or co-op, which must include the following information:

• Full name of the association/co-op
• Full names of Chairman/President/Treasurer & Secretary 

Any unique identifying number issued by state, territory or overseas body (if applicable)