General BOQ
What is the difference between a Beneficial Owner and a Beneficiary?
The beneficiaries receive the assets, but they don't manage them. Instead, the Trustee or Beneficial Owner manages the assets, making all financial and management decisions. This means the legal ownership (BO) held by the trustee, is separate from the Beneficiary. This separation is unique to trusts.
In what circumstances would KYC be required on an existing BOQS client profile in Finesse?
- The AML tab has not been completed (Shell Profile) or AML is marked 'NO'
- The entity has never been party to a settled facility.
- Entity structure change in relation to Directorship and/or Beneficial Owner
- Bankers are required to obtain approval from NIOB (file note) if KYC is not required in the case of a structure change.
What are some basic features of a fraudulent ID Document?
- Unusual Formatting
- Inconsistent Personal information
- Missing Security Features
- Poor Quality Copy
- Alerted Text or Images
- Misspelling in Authoritative entities
Where can we search for regulated entities?
Most can be found through the ASIC Professional Registers Search; SMSF Lookup; ACNC register
Complete the phrase...What's in a Name?
That which we call a rose by any other name would smell as sweet.
What do I do if the Beneficial Owner is non-contactable?
It is up to the customer opening the account/lending to get in contact with the beneficial owner of the entity. If the beneficial owner is located overseas, we will require certified copies of their identification, sighted and certified as per standard procedures.
If a customer cannot provide beneficial ownership information, the account/lending must not be opened until such information is received.
Why did the rulebook go to therapy?
It had too many issues with boundaries
What are the most common types of occupational fraud?
- Asset misappropriation (e.g., theft or misuse of company assets),
- Corruption (e.g., bribery or conflicts of interest)
- Financial statement fraud (e.g., falsifying financial records)
What is the estimated worth of the global artificial intelligence market by 2025?
The global artificial intelligence market is estimated to be worth over $190 billion by 2025, driven by advancements in machine learning, natural language processing, and other AI technologies.
Kflow Naming Convention for 'Alexandra Kate Slaney as trustee for the Slaney Family Trust and Darren Ross Harwood as trustee for the Harwood Family Trust'
SLANEY AK IOC & ATF & HARWOOD DR IOC & ATF
What is the largest desert in the world?
The largest desert in the world is the Antarctic Desert, covering about 14.24 million square kilometers.
In what circumstance are we required to run a new GreenID for an existing individual?
Where there is a change in capacity, greenID must be re-run as this is a new capacity with BOQ.
For example: if a new non-individual entity is being onboarded with an existing BOQ Designated Business Group Individual as a Beneficial Owner, you cannot use the original greenID from onboarding the individual as it relates to the capacity as an individual account holder.
Who are we permitted to run IDverse on? and how long is a request valid?
Dealer Finance Broker - all requests under Stephen, George and Kelly.
IDverse Expires after 48 Hours.
What is a complex entity structure and how do we action KYC?
Complex structure is more than 3 layers between the Onboarding entity (Borrower) and the Individual BO (this can also be referred to as 5 layers if the Borrower & BO are included).
Complete KYC as normal and email ECDD to notify them of the complex entity onboarded, for ongoing CDD to be applied.
What's the naming convention in Kflow for a SMSF?
Harwood Super Company PTY LTD as trustee for the Harwood Superannuation Fund Trust
Harwood Super Company P/L IOC & ATF
Name 3 recent changes made to the Banking Code of Practice?
Expanded Definition of Small Business
Enhanced Inclusivity and Accessibility
Updated Conduct Standards
Provisions for Deceased Estates
Expanded Definition of Vulnerability
Financial Difficulty
Guarantor Protections
What checks are required to be completed for an IPF Broker Group?
Company Search, Director individual Name Search to obtain all related Directorships and holdings.
Dow Jones Screening for Company, Directors and BOs.
Full KYC is NOT required.
Where is the Fake:
From the attached which image is potentially fraudulent?
Fake:
B & D
Real:
A & C
Name 3 types of regulators that an entity can be registered with that will allow for Simple KYC?
- Australian Financial Services Licensee (AFSL)
- Australian Credit Licensee (ACL)
- Registrable Superannuation Entity (RSE) Licensee
- Australian Competition and Consumer Commission (ACCC)
- Australian Taxation Office (ATO)
- Australian Charities and Not-for-profits Commission (ACNC)
- Managed investment schemes (MIS)
Name 4 of Mitch's Favourite Coffee Cups?
- Donkey Kong Barrel
- Size Matters
- Tea Rex
- Super Dad
What is the Definition of a small business in line with the Banking Code of Practice?
A small business is defined as a business with up to 100 full-time equivalent employees and an annual turnover of up to $10 million, provided that the total credit outstanding is less than $5 million
Name 10 High Risk Jurisdictional Countries and outline the acceptable methods for Certifying ID in these countries?
Refer to High Risk List.
ID documents can only be accepted if certified by the below & accompanied by the BOQ Personal Customer/BO Identification - Certified Copies Form:
- An Australian Consular Officer or Australian Diplomatic Officer who holds one of the following positions wthin the meaning of the Consular Fees Act, 1955: Consul-General, Consul, Vice-Consul, Trade Representative, Consular Agent, Ambassador, High Commissioner, Minister, Head of a Mission, Commissioner, Charge d'Affaires, Counsellor, Secretary or Attache at an Embassy, High Commissioner's office, Legation
- An overseas registered notary public for the purpose of the Statutory Declaration Regulations 2018
How do we complete an IDverse verification in KYC Collect?
- Complete as GreenID verification & Add IDverse Reference number
- Download and attached Log PDF to KYC
- Leave a comment in KYC Collect that client has completed Biometric ID verification via IDverse with supporting documentation attached.
Who can hold and ACL and how does this effect KYC?
Bonus: what does ACL stand for.
ACL or Australian Credit Licence is held by an organisation or individual that engages in credit activities, unless they are exempt due to being a representative of a Credit Licencee.
As an ACL is subject to a Commonwealth regulation we can revert to Simple KYC and are not required to identify the Beneficial Owners.
What are the main discrepancies that Mitch has the delegation to approve outside of the CIGs guidelines.
- Name Discrepancies that cannot be mitigated as a common variant or a misspelling.
- Naming convention discrepancies.
- Middle name verification where additional ID outlined in CIGs is not available.