Verification of Identity (VOI)
The verification of identity can be conducted either in person or via a video conference platform (Skype, Zoom, Go to Meeting are examples of secure service providers)*.
In order to meet Anti Money Laundering (AML)/ Counter-Terrorism Financing (CTF) Legislation, and Verification of Identify (VOI) requirements, we require:
If completing an interview via video conference:
Disclose to the lender at the time of submission that the interview was conducted electronically. Evidence of this disclosure should be included in your notes within MyCRM and also provided to the lender.
Document Verification Requirements
Where original identification was not sighted (in person or via live video*) by the broker, identification must be certified by the use of ZIP ID, a Justice of the Peace (JP) or at Australia Post with a copy on file.
Mandatory Customer Identification Documents
- Two forms of clear and legible identification for all applicants
- At least one of these documents must contain your current residential address.
- ID Options – possible combinations:
- 2 x primary photographic documents
- 1 x primary photographic AND 1 x primary non-photographic document
- 1 x primary photographic AND 1 x secondary document
- 1 x primary non-photographic AND 1 x secondary document
Section A: Primary Photographic Documents:
- A current Driver’s Licence issued by an Australian State/Territory
- A current Australian Passport or other international travel document (or one which has expired within the last six months) - International Travel Document(s) must be stamped on arrival in Australia by the Department of Customs and Immigration.
- A current Proof of Age Card with photo issued by an Australian State/Territory (including 18+ Cards)
Section B: Primary Non-Photographic Documents:
- A current Driver’s Licence (without photograph)
- An Australian birth certificate
- A citizenship certificate
- A current Social Security / Pension Card
Section C: Secondary:
- Current Medicare Card
- Current credit/debit ATM card (issued by an Australian Financial Institution)
- Other financial institution records issued within the last 3 months (e.g. bank statement, passbook, term deposit certificate
- Current Tertiary Education identity card with photo (e.g. student card)
- Current government issued identity card with a photo
- A notice issued by the Australian Taxation Office within the last twelve months recording a debt payable to or by you under a Commonwealth taxation law (e.g. Tax Assessment Notice
- Rates Notice - Must be issued by a local government, be less than 3 months old from date of issue and contain the individual’s name and residential address.
- Utility Bill - Must be less than 3 months old from date of issue and contain the individual's name and residential address.
Lender Identification Requirements
Lender identification requirements must still be adhered to. These will vary significantly and may be different to the above so you should review the recommended lender’s specific requirements prior to submission.
This is because you act as agents for lenders, who are caught by the AML/ CTF Act. You should be familiar with the AML/ CTF Act and regulations and must have a robust approach in place for identification and verification regarding money laundering and terrorism financing.
If you have any questions, please contact firstname.lastname@example.org.
*The allowance of identifying customers via video has been in response to the Covid-19 pandemic. Loan Market will continue to review what steps Commonwealth, State & Territory Governments, regulators and industry bodies are taking to prevent the spread of Covid-19 relating to the customer identification process.