When you purchase a share in a racehorse via one of our Know Your Customer (KYC) solution clients, you are requested to provide specific personal details via a secure online form.
Here are some frequently asked questions about this requirement.
Why am I asked to prove my identity?
The Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act) imposes an obligation on Australian Financial Service Licence (AFSL) holders to detect and deter money laundering and terrorism financing.
By law, businesses providing financial services have to check the identity of anyone who wants to buy any product/service from them and establish Customer Due Diligence procedures to determine whether additional customer information should be collected and/or verified. This assists the identification, mitigation and management of any Money Laundering and Terrorism Financing risk.
What information do I need to provide?
At a minimum we require your full name, date of birth and current residential address.
What does Wrkplace Digital do with that information?
Our solution attempts to automatically verify your identity and residential address against reliable and trustworthy government and independent data sources.
We also check that you are not listed on a global sanction, Politically Exposed Persons (PEP), fraudulent activity register or other watchlist.
What if I am not verified immediately?
If we are unable to automatically verify your identity and address via one of the more common databases, the web form will immediately request additional information such as a Driver’s Licence Number, Medicare Card Number or Passport Number.
Sometimes we also request a copy of a recent Utilities Bill, Rental Contract or other document to prove your residential address.
These situations can occur if you have recently moved home and have not updated the state or federal electoral roll or your driver’s licence. But sometimes the data sources we use to verify your identity and address simply do not provide enough information.
You may have genuine reasons for not being able to provide additional documents. For example, you may not have a passport or a driver’s licence, or documents may be in your partner’s name. To help in these cases, we have procedures that allow us to accept other types of proof.
Please remember that, by law, you must provide satisfactory proof of your identity and bona fides to become a racehorse owner if purchasing a share via a licensed racehorse syndicator.
There are two fundamental benefits you receive by our diligence procedures.
Help prevent crime
Racehorse ownership in small shareholdings is a low risk activity for Money Laundering. Nevertheless, it is a feasible option for criminals.
Please help us to prevent crime by being patient if we ask you to provide documents to prove your identity.
Know the other co-owners in your horse
You should be comforted knowing that each and every co-owner in the horse you are purchasing a share interest in, has had their identity and bona fides verified. The last thing you want is to own a horse with individuals who have provided a false identity or address, or are suspect individuals on any watch list or fraudulent activity registers.