Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), OpenMarkets is required to identify and verify the identity of all our customers, as well as any additional beneficiaries (of an entity) owning 25% or more.
To assist in the verification of our customers, OpenMarkets uses an online identification system and reporting agency Equifax.
Online identification check (Australian residents only)
By applying to open an account with OpenMarkets, you consent to OpenMarkets conducting an online verification check of your identity using Equifax. This is done using the personal details provided in your application form.
What happens if I don't pass the check?
If you do not pass the online verification check you will be required to mail to OpenMarkets certified copies of either your driver's licence OR passport plus a utility bill (no more than 3 months' old). We will notify you if this happens.
Once received, these documents will be verified electronically with Equifax to ensure its validity.
Certified copies means photocopies of your documents that have been certified by an approved certifier. Please refer to the Appendix of any OpenMarkets application form for more information including other acceptable forms of ID.
When would I fail the check?
Generally customers that do not pass the check are those that have not been at their residential address for 3 years or more and/or have moved residential address frequently. Other reasons include expired documentation.
Identification requirements for overseas residents
For overseas customers, you will need to mail to OpenMarkets acceptable forms of ID as outlined Appendix of any OpenMarkets application form along with your application.
Generally, acceptable foreign ID includes:
- A certified copy of a Passport
- A certified copy of a foreign Driver's Licence or national identity
- Original or certified copy of a utility bill (no more than 3 months' old)
Non-English documentation must be accompanied by an English translation prepared by an approved NAATI translator.
For more on acceptable forms of ID and approved certifiers please refer to the Appendix of any OpenMarkets application form.
