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
Alternatively, if you are a Sole Trader, you would be the authorised signatory.
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 toAnti-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 in accordance with Australian Financial Services regulations.
Budgetly Visa Business Debit Cards and Budgetly Business Accounts are issued by Hay Limited ABN 34 629 037 403, holder of Australian Financial Services Licence No. 515459. Budgetly Pty Ltd ABN 53 631 548 920 is a Corporate Authorised Representative (No. 001283126) of Hay Limited, authorised to market, promote, and distribute these products.
For full details, refer to our Financial Services Guide or visit our legal hub.
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.