Before your Budgetly account is activated, we verify your business and the identity of your authorised signatory. This is required by Australian law.
Why is verification required?
Australian financial regulations require us to verify the identity of our customers before granting access to financial products. This includes:
- Know Your Customer (KYC) — verifying the identity of the person signing up.
- Know Your Business (KYB) — confirming the business is legitimate and registered.
- Anti-Money Laundering (AML/CTF) — ensuring compliance with AML/CTF regulations.
Note: Every Australian bank follows the same process. Your team will likely be familiar with it.
What happens during approval?
| Step | What we check |
|---|---|
| Business verification | Details verified against ASIC or ACNC records |
| Identity verification | Authorised signatory completes KYC |
| Letter of Authority | Required if signatory is not listed on ASIC/ACNC |
| Association number | Required for associations and charities |
Approval is typically processed within 1–2 business days. You may receive a Request for Information (RFI) if additional documents are needed.
Legal entity details
Budgetly Visa Business Debit Cards and Budgetly Business Accounts are issued by Hay Limited (ABN 34 629 037 403, AFSL 515459). Budgetly Pty Ltd (ABN 53 631 548 920) is a Corporate Authorised Representative (No. 001283126) of Hay Limited.
For full details, refer to our Financial Services Guide or visit our Legal Hub.