Under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth), OpenMarkets is required to identify and verify the identity of all our customers, as well as any additional beneficiaries (of an entity) owning 25% or more.
To assist in the verification of our customers, OpenMarkets uses an online identification system and reporting agency Equifax.
Online identification check (Australian residents only)
By applying to open an account with OpenMarkets, you consent to OpenMarkets conducting an online verification check of your identity. This is done using the personal details provided in your application form.
What happens if I don't pass the check?
If you do not pass the online verification check you will be required to email in a copy of:
- Australian Driver Licence with your current address
- Passport and a Utility Bill (no more than 3 months old -gas, electricity or water)
Once received, these documents will be verified electronically to ensure its validity.
We will be in touch with further requirements such as a medicare card if this does not pass.
When would I fail the check?
Generally customers that do not pass the check are those that have not been at their residential address for 3 years or more and/or have moved residential address frequently. Other reasons include expired documentation.
Identification requirements for International Residents
For overseas customers, you will need to post to OpenMarkets which powers OpenTrader acceptable forms of ID as outlined below.
- A certified copy of a Passport
- A certified copy of a foreign Driver Licence or national identity card
- Original or certified copy of a utility bill (no more than 3 months' old) with your current residential address see our Approved Certifiers list.
Please post to:
Level 5, 500 Collins Street
Melbourne VIC 3000
Non-English documentation must be accompanied by an English translation prepared by an approved NAATI translator.
If you have any questions or need help, don't hesitate to get in touch 🙋
You can reach us on live chat or over the phone on 1800 OT TEAM (1800 688 326 or +61 2 9055 4400 for overseas). We're available between 9:00 am and 5:00 pm (Sydney time), Monday to Friday. If we're away, just send us a message and we'll get back to you.