Why does CheckVault need to verify my identify?

CheckVault is a registered remittance provider with AUSTRAC and Australian Financial Services License (AFSL) holder. To provide our service to you, which is to hold funds while the products or services are being delivered, we have obligations under AMLCTF (Anti Money Laundering and Counter Terrorism Financing) legislation to identify both parties.

Will I need to get verified every time I transfer or receive money with CheckVault?

An identity check will only be carried out once and this happens for the first secure amount that gets held in CheckVault under your account. All future transactions are secured as soon as they are deposited.

Okay, so what details does CheckVault require?

For individuals

In order to identify individuals, CheckVault needs to verify an individual’s name, date of birth and address. Using your name and address we can perform a check against the Australian Electoral Role ( AEC ) to confirm your identity. Only if no possible matches are found at this step, we’ll then ask for your driver’s license to match against the RTA database. If the driver license does not provide a match, then we require a medicare card number to complete verification.

If you do not wish to be authorised over the phone, CheckVault also provides a form which you can take to a post office to get verified.

For businesses

In order to identify businesses, CheckVault needs to verify at least one director in the business, or the person responsible for the movement of funds through the company. Upon signing up as a business, we will collect the company details from you including the company registered name and ABN/ACN. For trusts and partnerships there are extra requirements and it’s best to speak to us directly so we can process your account application.

What are CheckVault’s privacy policies?

All the data we collect from our users is subject to our Privacy Policy. This document explains what you’ll need to know in regards to the personal information we hold and is highly recommended to read and understand before using our service.