moving money homehome

Transaction Reporting and Money Laundering Prevention
Account Opening Information

Summary for Individuals

Please supply 100 points of ID such as:
  • At least one photo ID
  • Document showing your address (not a PO BOX)
  • Document showing your full name
  • Document showing your date of birth
  • Other ID documents to make up 100 points.

You can supply more documents to ensure you meet the minimum requirements

Summary for Business

Please supply Company Information and documents for each signatory:
  • Company certificate of registration
  • Document showing company address (not a PO BOX)
  • Authority document for signtories
  • Each signtory to have 100 points

You can supply more documents to ensure you meet the minimum requirements

Cash Dealer

Technocash is a gazetted Cash Dealer for purposes of the Financial Transaction Reports Act 1988 and provides designated services for purposes of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. As such the Company co-operates with various government authorities including the Australian Transaction Reports and Analysis Center (AUSTRAC). This ensures a stable and safe financial system for all.

Signatory, Individuals ID Details

Identification requirements applying to all signatories

In repsect of yourself and any other signatory to an Account, we will need to see documentation demonstrating that you are the appropriate authorised person(s) - this includes the need to know your full name, date of birth and residential address.

As part of this all signatories need to provide us with copies of identification documents sufficient to satisfy a "100 point check".

A list of acceptable documents, and their point-value, can be found below. Documents provided should add up to at least 100 points, be of high quality and readable, include at least one photo ID and one proof of home address like a utility bill.

1. PRIMARY DOCUMENTS: 70 POINTS

  • Birth Certificate
  • Citizenship Certificate
  • International Travel Document:
    - a current passport
    - expired passport which has not been cancelled and was current within the preceding 2 years
    - other document of identity having the same characteristics as a passport
    (e.g. this may include some diplomatic documents and some documents issued to refugees)

2. SECONDARY DOCUMENTS containing photograph or signature: 40 POINTS

  • A driver's licence or permit
  • An identification card issued to you as a public employee
  • An identification card issued under government authority as evidence of your entitlement to a financial benefit
  • An identification card issued to you as a student at a tertiary education institution

3. SECONDARY DOCUMENTS showing your name and/or address: 25 POINTS For example -

  • marriage certificate
  • credit card
  • council rates notices
  • utility (gas, water, electricity) statement/bill
  • telephone account/bill
  • government-issued health card
  • bank statement
  • rental agreement
  • other records of financial institutions
  • records of a primary, secondary, or tertiary educational institution attended by you in the past 10 years.
Please forward documents as you can. As you send documents we will co-ordinate any additional requirements to make it easy for you.

Business ID Details

Identification requirements for the Company

Technocash must know:

  • the full name of the company;
  • the country in which the company was formed, incorporated or registered;
  • whether the company is registered by the relevant foreign registration body and if so:
    - any identification number issued to the company by the relevant foreign registration body upon the company’s formation, incorporation or registration;
    - the full address of the company in its country of formation, incorporation or registration as registered by the relevant foreign registration body; and
    - whether it is registered as a private or public company or some other type of company by the relevant foreign registration body;
  • if the company is registered as a private company by the relevant foreign registration body - the name of each director of the company; and
  • if the company is not registered by the relevant foreign registration body, the full address of the principal place of business of the company in its country of formation or incorporation.


    • The applicant must also have provided documentation sufficient to demonstrate:
  • the full name of the company; and
  • whether the company is registered by the relevant foreign registration body and if so:
    - any identification number issued to the company by the relevant foreign registration body upon the company’s formation, incorporation or registration; and
    - whether the company is registered as a private or public company.

What the law requires

  • We may be required to verify your identity, address and other details.
  • We are required to keep records of all transactions together with identification provided.
  • We are required to monitor, and in some cases report to AUSTRAC, certain types of transactions or suspicious transactions of any size.

Discussion

What am I asked to do? Technocash requires certain minimum identification from customers in order to open an Account. For example, if you are an individual you need to let us know your name, residential address and date of birth. This information is usually collected on your Account application form. You also need to provide us with identification documents. Different requirements apply to you depending on what type of customer you are - individual, business, association, government body, and so on. For full details please refer to the terms and conditions in our legal section - click here.

When? You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. While our identity verification systems are designed to minimise any inconvenience for you, the verification process may take several days to complete.

Why? Crime and terrorism do not work without money for funding. Criminals may use false identities when attempting to turn "dirty" cash from the proceeds of crime into clean money. Making sure that people are who they say they are. is essential in the fight against crime and terrorism. Please remember that if Technocash needs to verify your identity this does not mean in any way that suspicion is falling on you. Your information is held confidentially in accordance with the Technocash Privacy Policy and will help stop your identity being used falsely.

Who is involved? The Australian Government, as well as Governments all over the world and organisations involved in financial services, are all involved in preventing the spread of financial crime internationally. Your co-operation is vital to the successful fight against crime and terrorism.

Please read the full terms and condition in our legal section for more details. Click here.