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.
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