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 Partnership is who they claim to be for the purpose of AML/CTF compliance.
Step 1: Collection
During the initial customer onboarding process collect the following KYC information about a customer who is a Partnership:
- The full name of the partnership;
- The full business name (if any) of the partnership as registered under any State or Territory business name legislation;
- The country in which the partnership was established;
- In respect to one of the partners - the information required to be collected about an individual as outlined in Verify an Individual Guide
- The full name and residential address of each partner in the partnership except where the regulated status of the partnership is confirmed through reference to the current membership directory of the relevant professional association.
- The partnership agreement, a certified copy or certified extract of a partnership agreement
Step 2: Verification
The bronID verification portal primarily uses the ‘ready-reckoner procedure’ where the ML/TF risk is medium or lower, to verify, at a minimum, the following KYC information about the customer:
- 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.
Performed electronic-based safe harbour verification for all beneficial owners (individuals with 25% or greater ownership)
Check UBOs against watchlists and sanctions to determine whether any are PEPs
Step 3: Interpreting your Results
With bronID, a Partnership is Verified when;
- The partnership exists
- The partnership’s name, address and the number is matched with at least one reliable database,
- The partners are identified by querying at least one reliable database or with a partnership agreement;
- The partners who are natural persons are identified and verified as the ultimate beneficial owners as per the procedure for verifying individuals.
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. to 5. 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 partnership is who they claim to be by following the steps outlined and verified the ultimate beneficial owners, should you provide the designated service.