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Overview for Regulated Trusts (Australia)

  • Updated

To create a Weel account for your business or organisation, we need to collect and verify certain information about you and your business. Learn more about why we require this information.

There are three categories of information we require for Regulated Trusts, including registered/unregistered managed investment schemes and government superannuation funds.

  1. Applicant - the individual person applying for Weel on behalf of the business, who must be an Australian citizen
  2. Business - the details of the business you're creating a business account for
  3. Stakeholders - associated with the business

You can confirm your business structure by searching the Australian Business Register.

Note: Please note this is a guide on the baseline information, there may be additional information required at a later stage.

1. Applicant Details

The applicant is the individual person applying for Weel on behalf of the business. We require the following information about the applicant:

  • Full legal name
  • Date of birth
  • Gender
  • Citizenship
  • Residential address
  • Position in the trust (e.g. a Trustee or an authorised person applying on behalf of the company, like a CFO or Finance Manager)
  • Two forms of government-issued ID (passport, driver’s licence, or Medicare card)
  • A Letter of Authority if they are not the Trustee of the trust, confirming they are authorised to open the account
  • Please note a Trustee is any individual or entity formally appointed as a trustee of the trust, as listed on the trust deed or official trust documentation

2. Business Details

We require the following information:

  • Registered company name
  • ABN
  • Registered business address
  • Copy of the trust deed
  • Number of employees
  • Estimated annual turnover
  • Trust sub-type and the associated information
    • Registered MIS - ARSN is required
    • Unregistered MIS - confirmation of wholesale status and if it is, a copy of the trust prospectus and investment mandate is required
    • Government Super Fund - the name of the legislation under which the trust is established
    • Commonwealth-regulated - the name of the regulatory body

3. Stakeholder Details

You’ll need to provide information for:

  • Trustees (individuals and entities)
  • Settlor(s)
  • Executor(s)
  • UBOs

For each stakeholder:

  • Full legal name
  • Date of birth
  • Citizenship
  • Residential address
  • Position in the business
  • Two forms of government-issued ID (passport, driver’s licence, or Medicare card)

If we can’t verify their identity, we'll request for the digital copies of the identity documents.

For  stakeholders that are entities (e.g. if another company is a UBO), we’ll also ask for:

  • Entity name
  • Entity type (e.g. private company, public company or government entity)
  • ABN or ACN
  • Listing status (domestic/international exchange or unlisted)
     

4. Common Issues & Tips

  • Please make sure the Letter of Authority is signed by a Director
  • Double-check that all stakeholders’ details match their official ID
  • The trust deed is essential - applications can’t proceed without it