Sole Proprietor & Individuals
Can a sole trader, trade under a different name ?
Yes
When do we require a Disclosure Certificate for Partnerships?
When a Partnership does not have a formal partnership agreement, the customer will be required to complete the 'Disclosure Certificate – Partnership'
What percentage does a shareholder need to hold beneficial ownership of a company?
25% or more
Name all the documents required for a full KYC on a Company & Trust
Application, CIF, Company Report, ID for individuals & Privacy, Trust Deed
What is the difference between a Regulated Trust and Unregulated Trust?
Regulated trusts include managed investment scheme registered with ASIC OR not registered with ASIC which has only wholesale clients OR A trust that is registered and subject to the regulatory oversight of a Commonwealth statutory regulator in relation to its activities. The most common example of this type of regulated trust is a Self-Managed Superfund - An Unregulated Trust is any Trust not regulated by a Government or a regulatory body
If an existing customer wishes to change their name, what ID is required ?
Original or certified copy of a Change of Name Certificate, Updated Birth Certificate showing the customer's previous names issued by a Registry of Births, Deaths and Marriage's
When do I have to update a Partnership's identification documents?
Name of partnership, a partner has been added or removed.
What defines a company as Public?
Any company who raises funds by offering shares to the public.
You have received a company report with NBH shares and Request a Trust Deed, The broker advises you that the customer has lost their trust deed. What do you do?
Request a replacement deed to be provided along with a statutory declaration from the trustee stating: 'The original trust deed has been lost; and the copy of the trust deed provided is a true copy of the original trust deed and constitutes the terms of the original trust'.
If an existing Unincorporated Association wishes to change their name, what ID is required?
An original or copy of the minutes of a meeting signed by the Chairperson/President where it was resolved to change the name of the association
What documents are required for a sole trader
ABN, CIF, PRIVACY, VALID ID, APPLICATION (SECONDARY ID FOR VIC), EQUIFAX
In what system do we need to make sure the full legal name of the partnership is shown ?
KFLOW
Name the 4 company types?
Domestic Private, Domestic Public, Foreign Private & Foreign Public Company
What is the difference between a Beneficial Owner and a Beneficiary?
Beneficiary: Refers to a person entitled to the benefit of an asset or property.
Beneficial owner: Is the individual who ultimately owns, directly or indirectly, more than 25% of the share capital of a legal entity or exercises significant control over that entity.
Who are the Parties to a Trust Deed?
Parties to a discretionary trust are generally the settlor and the trustee, Parties to a unit trust are generally the trustee and the unit holders & Parties to a SMSF trust are generally the trustee and members.
If a child's passport shows 'no signature' in the signature field, can we accept the child's passport
Yes, no further action is required provided the Customer Identification Requirements are satisfied.
What is a joint venture?
A joint venture is a type of partnership which involves two or more businesses combining their resources, knowledge and skills to achieve a particular goal. The joint venture is usually a limited commitment relating to a particular project or goal which is separate from the other business interests of the parties.
What are the 6 Collect & Verify requirements for a Company KYC?
Full name of the company as registered with ASIC, The ACN issued to the company by ASIC, Whether the company is registered by ASIC as a proprietary/private company, Identification information for each Beneficial Owners, Identification information for each account signatory & Identification information for each account authoriser
What documentation is required for a change of Trustee for a Deregistered Company?
A copy of the document appointing the new trustee and a letter from your lawyer or accountant confirming that the new trustee has been validly appointed.
SMSF can fall under 6 different compliance statuses, which is a hard stop in regards to on-boarding?
Non-Complying
- What steps need to be taken if there are discrepancies or issues with the information provided?
Seek additional information/ clarification from the broker , obtain another acceptable customer identification document(s) to confirm the correct information, include a brief note in your business line's record keeping system about the nature of the discrepancy and action/s taken to resolve it
Are we able to onboard a foreign partnership?
No, needs to be referred to the ECDD team.
What are the Tax legislation requirements for a Foreign Company?
This is not applicable for Foreign Public Companies as they are not reportable under FATCA and CRS. [For Foreign Private Companies, a Foreign Tax Self Certification must be signed and completed for all new deposit account openings in order to capture tax residency details.]
Name the 6 trust Types
Deceased Estates, Domestic Regulated Trust, Domestic SMSF Trust, Domestic Testamentary Trust, Domestic
Name a 5 Countries with Comparable Jurisdictions [Similar AML/CTF requirements] + 10 bonus points for every country on the list you can name
Argentina, Japan, Austria, Korea, Belgium, Luxembourg, Canada, New Zealand, Denmark, Norway, Finland, Portugal, France, Saudi Arabia, Germany, Singapore, Greece, Spain, Iceland, Sweden, Ireland, Switzerland, Israel, United Kingdom, Italy & United States of America