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Transaction Reporting and Money Laundering Prevention

Technocash qualifies as a 'cash dealer' and as such 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.

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.

What am I asked to do?

If your BillFold account activity reaches certain transaction value thresholds in a given time period, it may be necessary for Technocash to confirm your identity and other personal details. These thresholds are presently over $1000 on any one day, or over $2000 in any one month. Customers transacting at this level need to have completed an Identification Record form and provided the form to Technocash. You can print off a copy of the appropriate form. International customers click here for your PDF Form or Australians click here for PDF Form (AUSTRAC website) or contact us for a copy. Your account after loading larger amounts may be subjected to withdrawl limitations until this form has been completed.

Identification Record form:

You can print off a copy of the form from for ( Australians ) or ( Non-Australians ) or contact us for either copy. Send any completed forms to Technocash at: PO BOX 618, Parramatta, NSW, 2124.

Companies and Businesses:

  • If your Technocash account is held in the name of a body corporate, you will also need to provide us with a copy of the certificate of incorporation.
  • If your account is held in a business name, you will need to provide us with a copy of the certificate of registration of the business name.
  • If the account is held in the name of an unincorporated association, such as a social club, you will also need to provide a copy of the document authorising you to be a signatory.

Please note for bodies corporate, businesses and unincorporated associations, Technocash will need to have received an Identification Record form for each signatory, that is, each person with authority to operate the account.

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 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.