All lenders are required to comply with the Anti-money Laundering and Countering Financing of Terrorism Act 2009. This act requires lenders to have a strict program to confirm borrowers identity and track the flow of funds. The programs will vary from lender to lender but the following will always be required.
- ID such as a passport or drivers licence (front and back) to confirm who the borrowers is
-Bank account verification (in the form of bank statements) for the company and the individuals to confirm where the funds are going.
-Proof of address such as a utility bill
Depending on the AML program employed by the lender the documents may need to be verified by a representative of the lender or an approved person under the Act. An approved person includes the following professions:
Chartered Accountant ● Court Registrar ● Police Constable ● Lawyer ● Justice of the Peace