Individuals
A new customer has provided all necessary identification, but their surname on the ID is different because they got married. What should you do?
The customer needs to provide an original or certified copy of a Marriage Certificate issued by a Registry of Births, Deaths and Marriages in an Australian State or Territory to show the link between the married and maiden name. Commemorative marriage certificates are not acceptable
You receive an application for "Fred Jones" the provided ID, Individual Credit Report & Application all match but when looking at the Company Report you note it lists "Fred Jobes". How do you resolve this discrepancy?
As the discrepancy is minor and could be due to a spelling error leave clear notes in KYC to explain we have confirmed legal name & it has been noted as a discrepancy. When emailing the broker your thank you, advise them of their noted discrepancy and advise the customer may wish to seek advice from their accountant or solicitor to rectify this discrepancy to avoid future issues.
What are the definitions of each Risk Level of Discrepancies? Low, Medium & High
Low Risk - Data input error
Medium Risk - A discrepancy that can be clarified and verified with additional documentation
High Risk - A discrepancy that cannot be clarified and verified with additional documentation
A new customer has provided sufficient ID in their married name, but a company search or trust deed shows their maiden name. What is the correct procedure?
Establish a profile in the customer's married name if they provide an original or certified copy of a Marriage Certificate issued by a Registry of Births, Deaths and Marriages in an Australian State or Territory. This certificate is used as evidence to show that they are the same person
You receive an application with a Licence for "Shaggy Rodgers" which matches the company report received. When completing KYC you notice GreenID has failed. Before going back to the broker you check the individual credit check to use as Secondary ID, the Individual Credit Report lists "Shaggy William Mark Rodgers". How do you resolve this discrepancy?
Email the Broker explaining the discrepancy & requesting a explanation for the discrepancy & ONE of the following to confirm full legal name: Passport, Proof of Age Card, National Identity Card, Birth Certificate, Australian or New Zealand Citizen certificate, Pension or Health Care card.
You receive an application for Coco Pops Pty Ltd IOC and ATF Coco Pops Trust. When looking at the company report you notice Johnny Cash holds 100% of shares non-beneficially. What do we need to request from the Broker to determine Beneficial Ownership?
A Trust Deed listing Johnny Cash as Trustee
A customer provides sufficient ID in their maiden name along with a marriage certificate. How do you proceed?
Establish a profile in the customer's married name if they provide either an original or certified copy of a Change of Name Certificate or updated Birth Certificate showing all previous names, or an original or certified copy of a Marriage Certificate issued by a Registry of Births, Deaths and Marriages in an Australian State or Territory
You receive an application for a company noting the beneficial owner listed on the Company Report as "Scoobert Scooby Doo" when looking at the provided ID, Scoobert Doo is listed as full legal name. Scoobert receives a full GreenID Pass How do you resolve this discrepancy?
Email the broker outlining the discrepancy and providing the following options:
A Valid Passport or Birth Certificate showing the full legal name and update the CIF accordingly
If the Drivers Licence is correct and there is no middle name, the customer may wish to seek advice from their accountant or solicitor to rectify this discrepancy.
Whilst reviewing documents for the Mystery Inc Trust you notice that the Trust Deed is missing witness signatures from the signing page, what do we need in order to validate this Trust?
Deed of Ratification stating, ‘the Trustee agrees to be bound by the Trust Deed, notwithstanding the improper execution and ratifying the date the trust was established’.
A customer's ID is missing their middle name or initial. What additional document is required?
Obtain an additional primary or secondary ID document that contains the customer's full name
The middle name or initials on a customer's ID documents are different. What is the next step?
The customer must provide another acceptable identification document that satisfies the Personal Customer ID Requirements confirming their correct legal name. If no other identification documents are available, refer the case to Compliance and Fraud and scam operations
You receive an application for a Self-Managed Superfund, The Incredibles Fund, when checking the ABN look-up, you notice the fund is not complying, what is the next step?
Do not proceed with on-boarding. Advise the banker that the customer will need to have a complying status. We can continue with on-boarding once the Superfund is in s complying status
There is a discrepancy in the spelling of a customer's name on their identification documents. What should be done?
There is a discrepancy in the spelling of a customer's name on their identification documents. What should be done?
A customer's middle name is either omitted or initialled on all provided IDs. How do you verify their middle name?
The customer needs to provide an additional primary or secondary identification document to verify their middle name
Whilst reviewing the documents for a new to bank Trust -Simpsons Family Trust you notice that Abe Simpson the Trustee has passed away. What do we need to request in order to determine the rightful trustee?
We require the Will AND Death Certificate OR Probate to verify the individual is deceased thus removed by default clause.