KYC / AML Policy for Billzy

Know Your Customer (KYC) and Anti-Money Laundering (AML) Policy

At Billzy, we are committed to providing a secure and compliant platform for our users while adhering to Australian regulations. As part of our efforts to safeguard against illegal activities such as money laundering, terrorist financing, and other forms of financial crime, we have implemented a robust Know Your Customer (KYC) and Anti-Money Laundering (AML) policy in accordance with the relevant Australian laws and standards.

1. Legal Framework

Billzy operates under the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 and related regulations, as enforced by the Australian Transaction Reports and Analysis Centre (AUSTRAC). We are required to implement KYC and AML practices to identify and verify our customers, monitor transactions, and report any suspicious activity.

2. Customer Identification Process (KYC)

We collect information about our customers because we are required or authorised by law to collect it. There are laws that affect financial institutions, including company and taxation law, which require us to collect this information. For example, we require business and personal information to verify the identity of our customers under Commonwealth Anti-Money Laundering law.

The KYC process includes:
a) Individual Customers:

• Full Name
• Date of Birth
• Residential Address
• A copy of a valid government-issued identification document (e.g., passport, driver’s licence)

b) Business Customers:

• Business Name
• Australian Business Number (ABN) or Australian Company Number (ACN)
• Registered Business Address
• Information about company directors and shareholders
• Proof of business registration documents

Billzy uses secure electronic verification systems to validate the information provided. If necessary, we may request additional documentation or conduct enhanced verification.

3. Ongoing Monitoring

In addition to verifying customer identities at the time of account creation, we continuously monitor transactions to detect any unusual or suspicious activity. This includes:

a) Transaction Monitoring: We review and analyse transactions to identify potential money laundering, terrorist financing, or other illegal activities.

b) Risk-Based Approach: Customers and transactions are assessed based on risk factors such as the size and frequency of transactions, geographical risk, and the nature of the business or activity.

c) Suspicious Activity Reporting: If we identify any suspicious transactions or activities, we are required by law to report them to AUSTRAC. We may also request additional information from customers as part of this process.

4. Enhanced Due Diligence (EDD)

For higher-risk customers or transactions, Billzy implements Enhanced Due Diligence (EDD) procedures.

These may include:

• Additional identity verification
• Source of funds and wealth inquiries
• More frequent monitoring of transactions
• Enhanced reporting obligations to AUSTRAC

EDD applies to customers or transactions that are deemed to present a higher risk, such as those involving politically exposed persons (PEPs) or jurisdictions with higher money laundering risks.

5. Privacy and Data Protection

Billzy is committed to protecting your privacy and ensuring the confidentiality of your personal information. All data collected during the KYC process is stored securely and only used for the purposes of complying with our legal obligations under the AML/CTF Act. For more information, please refer to our Privacy Policy.

6. Compliance with Sanctions

Billzy complies with Australian and international sanctions regimes, including those administered by the Australian Department of Foreign Affairs and Trade (DFAT). We do not engage with or process transactions for individuals or entities subject to sanctions.

7. Customer Responsibilities

As part of using Billzy’s services, customers must provide accurate and up-to-date information during the KYC process. It is also our customers’ responsibility to ensure that the information remains current throughout your relationship with Billzy. Failure to provide accurate information or comply with our verification requests may result in restrictions on your account or suspension of services.

8. Penalties for Non-Compliance

Under Australian law, failure to comply with KYC and AML regulations can result in significant penalties, including fines and imprisonment for individuals or entities involved in money laundering or terrorist financing activities. Billzy is committed to fully cooperating with regulatory authorities to prevent any misuse of our platform for illegal purposes.

9. Contact Us

If you have any questions regarding our KYC and AML policy or require assistance in completing the verification process, please contact us at [email protected] or 1300BILLZY (1300 245 599).

10. Policy Updates

This policy is subject to change in accordance with regulatory updates or changes in Billzy’s internal processes. Please check this page regularly for updates.

Billzy’s KYC and AML practices are designed to provide a safe, compliant environment for our customers while ensuring that we meet our legal obligations under Australian law. By using Billzy’s services, you acknowledge and agree to comply with this policy.

Updated 18 November 2024