Congratulations on your decision to join Budgetly! Now that you have signed up, you may have some questions around the information we need to get your account up and running.
On this page:
Why is this information required?
We require this information to establish the legitimacy of a customer's identification and to identify any risk factors before granting access to an account. This process is commonly known as Know Your Customer (KYC).
What is an Authorised Signatory?
An authorised signatory is a person with authority from the director to sign official documents on behalf of the association.
To qualify as an authorised signatory, you must be registered on ASIC or ACNC as a:
- Director
- Chairperson
- Treasurer
- Secretary
What is a Letter of Authority?
A Letter of Authority (LOA) is a legal document that authorises an individual/employee to correspond with Budgetly and our financial compliance partners on behalf of you and your business.
Why do we require a Letter of Authority?
Under Australian law, much like in many other countries around the world, there are strict regulations that we must comply with in relation to Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).
At the same time, we must also comply with international Sanctions, Anti-Bribery and Corruption (ABC) laws, as well as laws preventing human trafficking, taxation avoidance, and other applicable laws.
Under the law, Budgetly are required to verify the identity of an officer of the entity- at least one Director (in most cases), or alternatively the Board Chairperson, Treasurer, or Secretary.
We also must verify the director is not subject to sanctions and is not a politically exposed person (PEP).
The officers of your entity will likely already be familiar with the process because every Australian bank must adhere to these requirements to open a new account.
Our Letter of Authority template has been drafted by our custodian Nium Pty Ltd, holder of an Australian Financial Services Licence (AFSL No. 464627).
Budgetly Pty Ltd is involved in the promotion and distribution of the Visa Prepaid Card and is an authorised representative (Authorised Representative No. 001283126) of Nium Pty Ltd.
An unlisted CEO or CFO doesn't have required authority under Australian Financial regulations.
Where can I find my association number?
This step-by-step guide will take you through how to find your association number.
Where can I find your legal documents?
You have already accepted our Terms & Conditions upon registration.
If you would like to download them for your records, please visit our legal hub or contact support@budgetly.com.au to be sent the required documents via email.
Still need help? Click here to get in touch with our friendly Support Team.