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CityForex strictly adheres to the policies and procedures set in the Anti-Money Laundering & Counter Terrorism Financing legislation set by AUSTRAC. Under the AML/CTF legislations, financial institutions and other reporting entities should have a proper understanding of their customers to satisfy their respective KYC obligations.

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What is KYC (Know Your Customer)?

                Under the AML/CTF legislation, KYC policy refers to documentation which sets out a business’s approach to ensuring that it can effectively identify, verify and monitor its customers and the financial transactions in which they engage, relative to the risks of money laundering and terrorism financing.

CityForex collects KYC information of its customers through registration, identity documentation and authority letters (for businesses only).

Two set of documents are required as part of the identification process. One photo identity document issued by the government and one address proof.

Both the documents need to be uploaded with your registration. These documents can either be a color scan of the original or a photocopy verified by a JP or relevant authorised personnel. List of authorised personnel is mentioned below.

 

Document Types are mentioned below


1. Primary Identity Document

(In English, translated to English if in foreign language)

  • Passport
  • Driver License (Local or Foreign) – Photo & Signature
  • Proof of Age Card / Photo Card
  • Foreign National ID – Photo & Signature
2. Address Proof

To verify your physical address in Australia, we will require an official document with your address mentioned on it. This document should have an issue date which should not be more than 3 months old on date of submission.

Examples of address proof are as under:

  • Bank Statement
  • Credit Card Statement
  • Telephone Bill
  • Rates / Utilities Bill

Please note that two documents are required for completing an identity check.

 

For Business Customers:

                Business customers need to provide us with a copy of the business registration letter and a declaration letter authorizing company personnel who will be processing remittances on behalf of the company. The declaration letter needs to be signed by all owners / directors of the business. Apart from these documents, company personnel authorised to process remittances will need to provide two identity documents as listed above.

 

Who Can Certify Documents?

The following people are authorised to certify documents:

• staff at your local City Forex branch.

• CPA or FCPA (Fellow) but this person cannot be an Associate member of CPA Australia

• Full member of a recognised International Federation of Accountants(IFAC) professional body as listed on www.ifac.org/about/member-bodies

• Commissioner for oaths

• Justice of the Peace

• Solicitor or lawyer

• Migrant agent registered with Migration Agents Registration Authority (MARA)

• Dentist, medical practitioner, pharmacist or veterinary surgeon

• Bank manager, school principal or registered migration agent

• Police officer, sheriff or sheriff’s officer

• Notary officer

• Australian consular or diplomatic officer

 

If you any have queries in relations with the identity documents, please call us or email us.