What ID information we need

We regularly check in with you and your client to confirm we have the right details about their identity, source of funds, and the reasons for investing with us. This is part of our regulatory obligation due to Anti-Money Laundering/Counter Terrorism Financing (AML/CTF).

Your entity type will affect what information you need to provide us (refer to the relevant section below for details). Please note, identification documents must have been certified within the last 12 months, at the time of acceptance by us.

Individual

If we contact you about updating your client’s information, you’ll need to provide the following information:

Information we need from your clientHow to provide?
  • Full legal name
  • Any other names your client is known by
  • Date of birth
  • Residential address: your client's main place of residence
  • Occupation: your client's main role of employment
Complete a FSC Identification Form – Individuals & Sole Traders.
  • Source of wealth: a brief description on the origin of your client’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening your client’s account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into your client’s account(s)
Confirm this information in writing, either by email or post.
  • Supporting documents
Provide an original wet ink certified copy of your client’s photo ID.

Politically Exposed Person (PEP)

A PEP is defined as an individual:

  • who holds a prominent public position or function in a government or international organisation
  • who is an immediate family member of a person referred to in point 1
  • who is a close associate of a person referred to in point 1.

You can find out more by visiting the AUSTRAC website.

If we’ve contacted you about updating the details for your PEP (Politically Exposed Person) client, you’ll need to provide the following information:

Information we need for your PEP clientHow to provide?
  • Full legal name
  • Any other names your client is known by
  • Date of birth
  • Residential address: your client's main place of residence
  • Occupation: your client's main role of employment
Complete a FSC Identification Form – Individuals & Sole Traders.
  • Source of wealth: a brief description on the origin of your client’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening your client’s account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into your client’s account(s)
Confirm this information in writing, either by email or post.
  • Supporting documents
Provide an original wet ink certified copy of your client’s photo ID.

Australian Company (Proprietary & Public)

If we’ve contacted you about updating the details for your client’s Australian Company, you’ll need to provide the following information:

Information we need for your client's CompanyHow to provide?
  • Full name as registered by ASIC
  • Registered address
  • Principal place of business (if any)
  • ACN
  • The private/proprietary/public company status of your client’s Company
  • Full names of all directors
  • Public Company only: The exchange on which your client’s Company's shares are listed
Complete a FSC Identification Form – Australian Companies.
  • Industry (or industries) in which the Company operates
  • Business activity: nature of the Company’s business activity
  • Source of wealth: a brief description on the origin of the Company’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening your client’s account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into the Company’s account(s)
Confirm this information in writing, either by email or post.
  • The full name/s, residential address/es and date/s of birth for the beneficial owners of your client’s Company.

Beneficial owners are Individuals who ultimately own 25% or more of the Company’s issued share capital (through direct or indirect shareholdings) OR Individuals who directly or indirectly control the Company such as directors or C-level executives.

If shares are held non-beneficially on behalf of another entity we require supporting documentation of this arrangement e.g. if shares are held on behalf of a trust we require a certified copy of the trust deed.

Complete a FSC Identification Form – Individuals & Sole Traders for each Beneficial Owner.
  • Supporting documents
Provide an ASIC extract for the Company OR a wet ink certified copy of a certificate of registration issued by ASIC.

Foreign Company

If we’ve contacted you about updating the details for your Foreign Company client, you’ll need to provide the following information:
 

Information we need for your client's CompanyHow to provide?
  • Full name as registered by ASIC
  • Registered office address in Australia
  • Principal place of business in Australia (if any) or the full name and address of the Company's local agent
  • Country in which Company was formed/incorporated/registered
  • ABRN
  • The private/proprietary/public company status of your client’s Company
  • Whether your client’s Company is registered by a relevant foreign registration body
  • If registered by relevant foreign registration body the following additional requirements apply:
    • Company status (private, public or some other type of Company by the relevant foreign registration body)
    • Name of foreign registration body
  • If your client’s Company is private, the full names of all directors for the Company
Complete a FSC Identification Form – Foreign Companies.
  • Industry (or industries) in which the Company operates
  • Business activity: nature of the Company’s business activity
  • Source of wealth: a brief description on the origin of the Company’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening your client’s account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into the Company’s account(s)
Confirm this information in writing, either by email or post.
  • The full name/s, residential address/es and date/s of birth for the beneficial owners of your client’s Company.

Beneficial owners are Individuals who ultimately own 25% or more of the Company’s issued share capital (through direct or indirect shareholdings) OR Individuals who directly or indirectly control the Company such as directors or C-level executives.

If shares are held non-beneficially on behalf of another entity we require supporting documentation of this arrangement e.g. if shares are held on behalf of a trust we require a certified copy of the trust deed.

Complete a FSC Identification Form – Individuals & Sole Traders for each Beneficial Owner.
  • Supporting documents
  • Provide an ASIC extract for the Company, and/or
  • Extract of the Foreign registration body database, and/or
  • Wet ink certified copy of a certificate of registration issued by ASIC or the Foreign registration body

Trust (not regulated in Australia)

If we have contacted you about updating the details for your client’s Trust (not regulated in Australia), you’ll need to provide the following information:
 

Information we need for your client's TrustHow to provide?
  • Full name of the Trust
  • The full business name (if any) of the trustee in respect of your client’s trust
  • Type of trust (eg family trust, testamentary trust, charitable fund, discretionary trust, etc)
  • Country of formation for your client’s trust
  • The full name/s of all beneficiaries and class of beneficiaries (as applicable) for your client’s trust
  • Full name of the settlor of the trust, unless:
    • the material asset contribution to the trust by the settlor at the time the trust is established-is less than $10,000; or
    • the settlor is deceased
Complete a FSC Identification Form – Unregulated Trust Form.
  • Industry (or industries) of the Trust's operations or key industry of the Trust’s underlying assets
  • Business activity: nature of the Trust’s business activity
  • Source of wealth: a brief description on the origin of the Trust’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening the Trust account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into the Trust account(s)
Confirm this information in writing, either by email or post.
  • Trustee information

Individual Trustee/s: Complete the requirements under the Individual section of this page.

Company Trustee: Complete the requirements under the Company section of this page.

  • Supporting documents
Provide an original wet ink certified copy of the trust deed via post.

Trust (regulated – SMSF)

If we’ve contacted you about updating the details for your client's Trust (SMSF), you’ll need to provide the following information:
 

Information we need for your client's TrustWhat to provide?
  • Full name of the Trust
  • The full business name (if any) of the trustee in respect of your client’s trust
  • Name of the regulator (eg ATO) of your client’s trust
  • ABN / license number
  • Country of formation for your client’s trust
  • The full name/s of all beneficiaries and class of beneficiaries (as applicable) for your client’s trust.
  • Full name of the settlor of the trust, unless:
    • the material asset contribution to the trust by the settlor at the time the trust is established-is less than $10,000; or
    • the settlor is deceased
Complete a FSC Identification Form – Regulated Trusts and Trustees Form.
  • Industry (or industries) of the Trust's operations or key industry of the Trust’s underlying assets
  • Business activity: nature of the Trust’s business activity
  • Source of wealth: a brief description on the origin of the Trust’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening the Trust account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into the Trust account(s)
Confirm this information in writing, either by email or post.
  • Trustee information

Individual Trustee/s: Complete the requirements under the Individual section of this page.

Company Trustee: Complete the requirements under the Company section of this page.

  • Supporting documents
Provide an original wet ink certified copy of the trust deed via post.

Association

If we’ve contacted you about updating the details for your client’s Association client, you’ll need to provide the following information:

Information we need for your client's AssociationWhat to provide?
  • Full name of the association
  • ONE of the following:
    • Principal place of administration; OR
    • Registered office (if any); OR
    • Residential address of your client’s association's public officer or (if there is no such person) the full name of your client’s association's president, secretary or treasurer.
  • Full name of the chairperson (or equivalent)
  • Full name of the secretary (or equivalent)
  • Full name of the treasurer (or equivalent)
  • For an incorporated association only
    • Name of Body responsible for registration
    • Unique registration number issued on incorporation by the State, Territory or overseas body responsible for the incorporation
Complete a FSC Identification Form – Associations Form.
  • Industry (or industries) of the Association’s operations or key industry of the Trust’s underlying assets
  • Business activity: nature of the Association’s business activity
  • Source of wealth: a brief description on the origin of the Association’s overall wealth, not limited specifically to funds deposited with us
  • Purpose of account/investment with us: a brief description on the purpose of opening the Association’s account/s
  • Source of funds for the account(s) held with us: a brief description on the origin of funds currently deposited into the Association account(s)
Confirm this information in writing, either by email or post.
  • The full name/s, residential address/es and date/s of birth for the beneficial owners of your client’s Association

    Beneficial owners of an association may include individuals that directly or indirectly entitled to exercise 25% or more of the voting rights, including power of veto, Chairman, President, Treasurer or Secretary.
  • If your client’s association is unincorporated, you’ll need to provide a completed copy of the Individual and Sole Traders identification form that outlines the full name, residential address and date of birth for one member of your client's association.
Complete a FSC Identification Form – Individuals & Sole Traders.
  • Supporting documents
One or more of the following is required to be sent in with the required identification form completed in full;
  • Information provided by ASIC or by the State, Territory or overseas body responsible for the incorporation of the association
  • Wet ink certified copy or certified extract of the constitution or rules of the association
  • Wet ink certified copy or certified extract of minutes of meeting of the association

Where to send this information

Please send your responses along with a certified copy of your client’s photo ID, a completed Financial Services Council (FSC) form, and any other additional documents listed above to service@wrapinvest.com.au quoting your client’s reference number.

Alternatively, your client can provide an original certified copy of their photo ID and other required documents via mail to:

Wrap Products
GPO Box 3154
Sydney NSW 2001

We need to receive your answers to the questions above within seven days.

If you’d like to discuss this further, please call us on 1800 893 141 Monday to Friday, 9am to 5pm (Sydney time).

Restricted accounts

Once the documents are provided, we’ll verify your client’s information against our records. If we aren’t able to successfully verify your client’s information by the date specified in our communication, we’ll need to place restrictions on your client’s accounts.

It’s important to note that there are other reasons why we may need to place restrictions on accounts. However, this article explains why we may need to place restrictions on accounts for AML/CTF reasons.

What does accounts restricted mean?

  • Your clients won’t have access to the money in their accounts. This also means that you may not be able to place trades
  • Any direct debit payments that are set up to come out of your client's account/s will not be processed.
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