This guide will assist you in using the bronID identity verification portal for identity verification and risk assessment services to determine, with reasonable satisfaction, that the target Regulated Trust is who they claim to be for the purpose of AML/CTF compliance.
All Australian Regulated Trusts will be verified using the Simplified Trust Verification.
Step 1: Collection
During the initial customer onboarding process collect the following KYC information about a customer who is a Regulated Trust:
The full name of the Trust
The type of Regulated Trust
The country in which the Regulated Trust was established
Step 2: Verification
Regulated Trusts will be verified using the Simplified Trust Verification:
- Verified and recorded the full name, entity type and the registration/identification number(s) of the entity, with the relevant registered database(s). (For Australia: ASIC, ATO)
- Recorded the country in which the entity was formed, incorporated or registered, the full address of the registered office and principal place of business.
- Searched and recorded the relevant legislation used to establish a trust.
- Obtained a public document issued by the regulator obtaining information on the trust to verify.
Identifying the UBOs of a regulated trust is not necessary.
In all cases where the entity cannot be confirmed as a Regulated Trust, follow the Verify an Unregulated Trust Guide
Step 3: Interpreting your Results
With bronID, a Regulated Trust is Verified when;
- The trust exists;
- The regulated trust’s name, address and the number matches the supplied trust deed;
- The trust ownership structure is identified and verified using a Simplified Verification Procedure.
When all of the numbered steps are completed the organisation will achieve a "Verified" status.
When 1. and 2. return negative results, then the verification status will be set to “Not Verified”.
When 3. cannot be completed, then the verification status will be set to “Info”.
- See Entity Verification Status Guide for guidance on responding to these statuses and how to achieve a verified result.
Step 4: Keeping Records
Upon carrying out the identity verification procedure, a record of the procedure and the identifying information produced to perform the verification is stored in the bronID portal, specifically the Results menu.
We advise that these records also be stored in your own backup storage.
Both the procedure data and identifying information are to be stored for the duration of the relationship with that customer, as well as for an additional seven years after the provision of any designated service ceases.
Step 5: Provision of Service
Only once you have verified that an entity customer who is a regulated trust is who they claim to be by following the steps outlined and verified the ultimate beneficial owners, should you provide the designated service.
For more information on performing and understanding regulated trusts verifications within the bronID portal: