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Why require a Letter of Authority?

Learn about the Letter of Authority template and why it is required under Australian regulation.

The Australian Government has strict regulations about Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF).

Under the law, Budgetly is required to verify the identity of at least one Director (in most cases), or Chair, Treasurer, Secretary for Associations. 

We also verify the Director is not subject to government sanctions and is not a politically exposed person.

Your Director will be already familiar with the process because every Australian Bank require a company Director to open a new account. 

Our Letter of Authority template has been drafted by our custodian NIum Pty LTD, holder of the 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.

If you are opening the Budgetly account and are not a Director, the Letter of Authority can be downloaded from your dashboard.