Identity checking and the AML/CFT Act

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

The Application Form

The first part of the application relates to the company and can be completed by any authorised person.  

The next part of the application is the personal statement of position to be provided for any shareholder of the business owning more than 25% of the business.  The statement of position is a summary of the personal assets and liabilities of each stakeholder. 

The privacy declaration is necessary for authorisation for us to pass on your details to the agreed lender and so that the lender can do a credit search.

The general terms relate to our fees; in some cases there is no fee to you for using our service.

What supporting documents are required?

What documents are needed to support your application will depend on what type of loan you are applying for. As well as the completed application, be prepared to provide the following with your application:

• management accounts - this is your profit and loss statement and balance sheet as of today; this will require your book keeping to be up to date

• financials to the end of the previous tax year may be required

• serial numbers, licence plates, or other unique identifiers for assets that a loan is going to be secured by

• for loans being secured by property, six months of mortgage statements and a rates notice showing rates payments are up to date. If the property is owned by a trust, you will need to provide a copy of the trust deed

• a copy of your photo ID, and that of any other director and shareholder with 25% or more shareholding.