Changes to the account application process.

What you need to know.

IFSA

We are introducing a new program of work aimed at digitising, simplifying and strengthening our overall application process for you and your clients.

Over the next 12 months, we will be introducing a new online origination experience, removing the need for physical signatures and supporting your clients to verify their own identity online using Electronic Customer Verification (ECV).

As a first step, we have implemented three key changes from 31 March 2019.

We now use CommBank’s client identification checks and as a result, no longer accept FSC/IFSA* forms for client identification.

The CommBank checks include AML/KYC verifications across a range of government and credit data sources (ECV), as well as additional fraud controls to better-protect you and your clients.

To support the new procedure, we now ask for commonly used identification from you and your clients.  Below is a table outlining what identification we ask for and the alternative option if your client is unable to provide it.

 

Preferred Method

Alternative Process

Natural person

(i.e. Applicant, Beneficial Owner, Director, Trustee etc.)

Non-certified copies of any two of the following three IDs:

  • Australian Driver Licence
  • Australian or International Passport
  • Medicare Card

Please submit the document copies via eSubmit.

If your client is unable to provide these, please call the Adviser Services team on 1800 252 351.

Non-SMSF Trust

Certified copy (does not need to be wet ink) of the current Trust Deed and one of the supporting documents listed in this FAQ.

Please submit the document copies via eSubmit.

If your client is unable to provide these, please post an original certified copy (wet ink) of the current Trust Deed to Locked Bag 3005, Australia Square NSW 1215.

SMSF Trust

No change.  We will continue to use the online ABN Lookup to verify SMSF entities.

Minor

(i.e. trustee of a minor trust)

Original certified copy (wet ink) of the Birth Certificate.

Please post the Birth Certificate to Locked Bag 3005, Australia Square NSW 1215.

We understand that this change may impact your internal processes.  We also appreciate you may already have applications in progress that will be affected by this. In acknowledgement of this, we are offering a grace period until 30 June 2019 where we will accept applications submitted using an IFSA.

For more information about this change, and the grace period, please see the below FAQs.

Redesigning and enhancing our PDF application forms to make them clearer and easier for you and your clients to complete.

Separating our existing Trading and Cash Application form into one for ‘Individual and Joint’ applicants and another for ‘SMSF, Company and Trust’, making each simpler and more intuitive. 

Click through to the new application forms below:

Individual and Joint Application

SMSF, Company and Trust Application

Video

To assist you with these changes we have produced a short video on the new online application experience for you.

FAQs

General

CommSec Adviser Services together with the broader CommBank Group have made commitments to strengthen AML/KYC controls. For CommSec Adviser Services, this commitment includes conducting our own AML/KYC checks.

Identification of a natural person (Applicant, Beneficial Owner, Director, Trustee etc.)

We use CommBank Group checks for on-boarding your clients. The process includes electronic verification of your client’s identity by matching personal data from two IDs across a range data sources.

We exchange your clients’ personal information with external organisations including:

  • Credit reporting agencies;
  • Commonwealth and State government departments;
  • Independent, private-sector organisations; and
  • Outsourced service providers who co-ordinate the electronic identification process and who may conduct additional matches against public of proprietary databases.

Neither the Bank nor the above service providers will access records held about your clients for any purpose other than matching the identifying information you submit with your client’s application.

Passports will be accepted up to two years after expiry. Expired Australian Driver Licences and Medicare Cards will not be accepted.

This doesn’t preclude your client from opening an account with us. Electronic verification will be the simplest and fastest way to apply, however, we will also be able to accept original (wet ink) certified copies of certain IDs. Please call our Adviser Services team on 1800 252 351 for further information.

No, the introduction of AML/KYC verification checks in our process does not change your AML/KYC obligations under your AFSL.

Yes, an additional form is available here to capture the consent of any additional Beneficial Owners who are not listed as applicants. This form is required to be completed regardless of whether you are applying online or through a pdf application.

In order to meet CommBank AML/KYC requirements we are required to collect certified copies of ID via post. Previously, using IFSA we have been relying on you to retain the original certified copy of the identification document and send us a copy. With the removal of the IFSA the obligation to retain the certified copy now also sits with us.

Verification of a trust

No, we will continue to use the online ABN Lookup to verify SMSF entities.

If your client is applying for a non-SMSF Trust Account, please identify the trust by:

  • Attaching a certified copy of an up-to-date trust deed extract with the completed application (include pages showing the trust name, trustees’ names, trustees' signatures (and witness signatures if formal trust), date of execution, beneficiary name/s (and Settlor name/s and settled sum if formal trust); AND ONE of the following supporting documents below:
    1. A notice from the Australian Taxation Office, such as a Notice Of Assessment, issued in the last 12 months; OR
    2. A Bank Statement from another financial institution from the last 12 months; OR
    3. A letter from the Legal Practitioner who prepared the Trust Deed confirming:
      • the Practitioner’s details;
      • the full name of the Trust;
      • the full name of all Trustees; and
      • the full name of the Settlor of the Trust (unless the material asset contribution to the trust by the settlor at the time the trust is established was less than $10,000, or the settlor is deceased).

(Supporting documents do not need to be certified).

Please submit the application via eSubmit. If your client is unable to provide these supporting documents, please post an original certified copy of the Trust Deed (wet-ink) showing the trust name, trustees’ names, and trustees' signatures (and witness signatures if formal trust) to us at Locked Bag 3005, Australia Square NSW 1215.

We recommend you submit the supporting documents as part of the same submission as this will give us an opportunity to review your application while the documents are being delivered.

Along with a completed application form, your client is required to supply an original certified photocopy (wet-ink) of the Australian birth certificate and a statement ‘This is a true copy of the original document’ (or similar wording) and the certifier’s signature. See below for the list of people who can certify ID.

Timing

These changes were introduced from 31 March 2019.

Paper applications

Online applications

Saved:

Submitted:

From 31 March 2019, the new application forms have replaced the previous versions on our website.

However, the previous application process will continue for existing applications submitted during the grace period between 31 March 2019 and 30 June 2019.

You will still be able to access and edit your saved applications however the ID section will have changed to reflect our new process.

You have two options to complete the application:

  1. Complete the application using the new ID requirements.
  2. Select the ‘No passport or Australian Driver Licence’ option and provide an FSC/IFSA form with your completed and signed declaration:

Please note, this option is only available during the grace period until 30 June 2019.

The declaration changed on 31 March 2019.

If you submitted your application before 31 March 2019 but still need to submit the declaration, you have two options to complete the application:

  1. Send us a copy of the declaration you saved to your computer before 31 March 2019.  A grace period for old applications and declarations will continue until 30 June 2019.
    Please note, this option is only available for declarations you saved before 31 March 2019. 
    If you didn't save the declaration to the submitted application prior to 31 March you will need to submit your application using the second option below. 
  2. Provide an FSC/IFSA form with your declaration form:

ID certification

All documents must be current unless otherwise stated.
If applying for a minor (under 18 years), please also provide an original certified photocopy (wet-ink) of the minor’s birth certificate
Please do not attach original identification documents.
Send only original certified photocopies (wet-ink) of original documents.

  • Chiropractor
  • Dentist
  • Legal practitioner
  • Medical practitioner
  • Nurse
  • Optometrist
  • Patent attorney
  • Pharmacist
  • Physiotherapist
  • Psychologist
  • Trade marks attorney
  • Veterinary surgeon
  • Person who is enrolled on the roll of the Supreme Court of a State or Territory, or the High Court of Australia, as a legal practitioner (however described)
  • An officer with, or authorized representative of, a holder of an Australian financial services licence (AFSL), having 2 or more years of continuous service with one or more licensees
  • An officer with, or a credit representative of, a holder of an Australian Credit Licence (ACL), having 2 or more years of continuous service with one or more licences
  • Agent of the Australian Postal Corporation who is in charge of an office supplying postal services to the public
  • Australian Consular Officer or Australian Diplomatic Officer (within the meaning of the Consular Fees Act 1955). This includes a person appointed to hold or act in any of the following offices of the Commonwealth (of Australia) in a country or place outside Australia:
    • Consul-General
    • Consul
    • Vice-Consul
    • Trade Representative
    • Consular Agent
  • Australian Diplomatic Officer, within the meaning of the Consular Fees Act 1955. This includes a person appointed to hold or act in any of the following offices of the Commonwealth (of Australia) in a country or place outside Australia
    • Ambassador
    • High Commissioner
    • Head of a Mission
    • Commissioner
    • Charge d’Affaires
    • Counsellor, Secretary or Attaché at an Embassy, High Commissioner’s office, Legation or similar
  • Bailiff
  • Bank officer with 2 or more continuous years of service
  • Building society officer with 2 or more years of continuous service
  • Chief executive officer of a Commonwealth court
  • Clerk of a court
  • Commissioner for Affidavits
  • Commissioner for Declarations
  • Credit union officer with 2 or more years of continuous service
  • Employee of the Australian Trade Commission who is:
    • in a country or place outside Australia; and
    • authorised under paragraph 3 (d) of the Consular Fees Act 1955; and
    • exercising his or her function in that place
 
  • Employee of the Commonwealth who is:
    • in a country or place outside Australia; and
    • authorised under paragraph 3 (c) of the Consular Fees Act 1955; and
    • exercising his or her function in that place
  • Fellow of the National Tax Accountants’ Association
  • Finance company officer with 2 or more years of continuous service with a finance company
  • Holder of a statutory office not specified in another item in this list
  • Judge of a court
  • Justice of the Peace
  • Magistrate
  • Marriage celebrant registered under Subdivision C of Division 1 of Part IV of the Marriage Act 1961
  • Master of a court
  • Member of Chartered Secretaries Australia
  • Member of Engineers Australia, other than at the grade of student
  • Member of the Association of Taxation and Management Accountants
  • Member of the Australian Defence Force who is:
    • an officer; or
    • a non-commissioned officer within the meaning of the Defence Force Discipline Act 1982 with 2 or more years of continuous service; or
    • a warrant officer within the meaning of that Act
  • Member of the Institute of Chartered Accountants in Australia, the Australian Society of Certified Practising Accountants or the Institute of Public Accountants
  • Member of:
    • the Parliament of the Commonwealth; or
    • the Parliament of a State; or
    • a Territory legislature; or
    • a local government authority of a State or Territory
  • Minister of religion registered under Subdivision A of Division 1 of Part IV of the Marriage Act 1961
  • Notary public
  • Permanent employee of the Australian Postal Corporation with 2 or more years of continuous service who is employed in an office supplying postal services to the public
  • Permanent employee of:
    • the Commonwealth or a Commonwealth authority; or
    • a State or Territory or a State or Territory authority; or
    • a local government authority; with 2 or more years of continuous service and the person is not already specified on this list
  • Person before whom a statutory declaration may be made under the law of the State or Territory in which the declaration is made
  • Police officer
  • Registrar, or Deputy Registrar, of a court
  • Senior Executive Service employee of:
    • the Commonwealth or a Commonwealth authority; or
    • a State or Territory or a State or Territory authority
  • Sheriff
  • Sheriff’s officer
  • Teacher employed on a full-time basis at a school or tertiary education institution
  • Member of the Australasian Institute of Mining and Metallurgy

 

* Financial Services Council/Investment and Financial Services Association