AML/CTF verification using GreenID

Contacts may be verified from the contact detail page Verification section. To verify a contact using GreenID they must have an address in Australia or New Zealand, otherwise it must be done manually.

You can see an overview of the AML/CTF verification statuses for all contacts in your client database in the client centre AML/CTF verification centre.

To use GreenID verification it must first be enabled for the issuer.

To enable GreenID verification:

  1. From the Issuer centre menu, go to Issuer > Profile.
  2. In the Under Investor options, check Enable investor verification..
  3. Click Save.

Note: Using GreenID will incur a cost per individual or company lookup.

Individual contact verification

Verification for individuals is done using Rule Set N, and includes Politically Exposed Person (PEP) and watchlists screening. See Further information about verifying individuals below for more information on Rule Set N and watchlists. 

Companies, trusts and partnerships contact verification

Companies, trusts and partnerships are verified using the GreenID database. It also automatically includes an ABN/ACN lookup from the Australian Business Register.

Verifying a contact using GreenID 

To verify a contact, locate the contact using the contact book and go to their Contact detail page. Or, from the holder details page, go to the Holder details tab and click on the contact’s name to go to the Contact detail page. 

Contacts may also be verified from the application details page, when viewing the application contact details.

From the Contact detail page:

  1. Go to the Contact details tab.
  2. In the Verification section Identity (AML/CTF) verification module, click GreenID AML/CTF verification.
  3. GreenID will return a verification status which will be displayed in the module:
    • Verification successful. The contact has been found in the GreenID database.
    • Verification failed. If the verification fails, a reference code will be displayed that can be used to determine the reason for the failure.
  4. Once verification has been performed, a View full verification details link will be displayed in the module to a page containing the full verification details for the contact returned by GreenID.
  5. Results returned from the included PEP and watchlists screening will be displayed in the PEP and sanctions watchlist screen module. Results from the included ABN/ACN lookup will be displayed in the ABN/ACN lookup module.

Validating an address:

You may need to validate an address before being able to run a verification. To verify an address:

  1. In the Identification details section of the contact detail page, click edit.
  2. In the Address section, click Enter address using address validator.
  3. Select the Country of Residence.
  4. Type in the address and select the correct address from the results provided.
  5. Click Save.

Supplying an ABN/ACN

You may need to supply an ABN/ACN before being able to run a verification. To add an ABN/ACN:

  1. In the Identification details section of the contact detail page, click Edit.
  2. For the question Does this company/trust/partnership have an ABN/ACN? select Yes.
  3. Enter the ABN/ACN. At this point you can also run a free ABN/ACN lookup with the Australian Business Register by clicking Fetch company/trust/partnership name.
  4. Click Save.

Supplying an individual contact’s Identification Number

To increase your chances of a successful verification of an individual contact you should supply an identification number.

To supply an Identification Number of an individual contact:

  1. In the Identity and other documents section of the contact detail page, click edit.
  2. Click Add document.
  3. For Document type, select Driver’s licence or Passport .
  4. Enter a Document label (optional).
  5. Enter a Document reference number.
  6. Click Save.

Associated contacts fetched from ASIC

When verifying a company, company office holders and shareholders may be returned from the ASIC database. You can view all the associates returned from ASIC by clicking on View full verification details in the Identity (AML/CTF) verification module. 

Certain associates returned by ASIC will automatically be added to the contact as associated contacts:

  • Company office holders with the position of Director.
  • Shareholders with over 25% holding in the company.

If, after verifying, an associated contact has been added, an Associated contacts have been fetched notification will display below verification results in the Identity (AML/CTF) verification module. The notification links to the Associated contacts section of the contact details page, where the added contacts will be tagged ASIC, with the date they were added.

You can also manually add associates returned by ASIC:

  1. Click on View full verification details in the Identity (AML/CTF) verification module.
  2. Under the heading Company office holders, click the Add to contact/account button next to any office holder you want to add.
  3. Under the heading Shareholders, click the Add to contact/account button next to any shareholder you want to add.

Further information about verifying individuals

Rule Set N

Rule Set N (“Safe Harbour”) provides three alternative sets of requirements, each of which complies with the electronic “safe harbour” provisions, defined in Australia’s Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF Rules). This is an example of a “combination” rule set, in which any one set of criteria, of the alternative sets offered, may be met for the overall verification to be successful.

Under Rule Set N, two data sources are required to pass in order to achieve a successful verification. Background sources are checked first by GreenID using name and address information. If two matches cannot be found using these background sources, GreenID will attempt verification using a document verification service (DVS) with a passport or drivers license number. Because of this process it is possible that even though a passport or drivers license number was provided in the verification attempt, a successful result may be achieved without the need to use the DVS information. In this case, the passing data sources in the result will not include the passport or drivers license DVS sources. It does not mean the numbers provided were incorrect. It means the pass was achieved without the need to use these sources under the provisions provided in Rule Set N. 

Watchlist screening

Verification for individuals also includes a watch list service. Watch lists contain the names of known criminals, sanctioned individuals, politically exposed persons (PEP) or other high risk individuals. Screening your applicants against watch lists can help you comply with regulatory requirements or simply give you extra assurance about who your customers are. The Premium Dow Jones Watch List Service searches data gleaned from more than 1,000 watch lists and provides additional profile information compiled by the Dow Jones Risk and Compliance team.

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