Quick answers to common questions about Weel's Know Your Business (KYB) verification: how your Entity Type is set, what happens if a director on your Letter of Authority resigns, who reviews and approves your application, and how sanctions and PEP checks work.
FAQs
What Entity Type do we use?
Your Entity Type is set automatically from the ABN or ACN you enter when you sign up, and you can't edit it directly on the form. Once you provide your ABN or ACN, Weel looks up your business's registered details and pre-fills the Entity Type from that lookup. This information comes from the Australian Business Register (ABR), not from ASIC's companies register: the two are separate registries (ABR is run by the ATO and covers ABNs; ASIC administers company registration specifically). If your Entity Type is showing incorrectly, it needs to be corrected at the ABR directly, since Weel can't override it once submitted.
Note: this auto-lookup applies to the business you're onboarding. If you're adding another company as a beneficial owner or stakeholder further down the form, that company's Entity Type is entered manually; there's no lookup for stakeholder entities.
The director who signed our Letter of Authority has since resigned. Is our application still valid?
If your KYB application has already been approved, no further action is needed on that application. Once a KYB record is approved, it's locked and can't be edited, so there's nothing to update on it directly. Your business will still be re-verified in the normal course of things as part of Weel's periodic re-KYB cycle (currently every 1, 2, or 3 years depending on your business's risk rating), rather than something that's automatically re-triggered the moment a director changes. If you're ever unsure whether a change needs earlier attention, contact us at help@letsweel.com.
If your KYB application hasn't been approved yet, keep your company records up to date. Where applicable, notify ASIC of the director's resignation and the appointment of any new directors.
Depending on your application's status:
- Not yet submitted: Return to the application, update the director information, and upload a new Letter of Authority signed by an appropriately authorised person.
- Submitted and under review: Contact our team at help@letsweel.com. We can advise whether updated documentation is required and help you complete the verification process.
Changes to directors may require additional verification checks before your KYB application can be approved.
Who actually verifies my identity: Weel, BronID, or Nium? And who makes the final decision on whether my business is approved?
Verifying your business is a three-part process, and all three parts have to independently give the all-clear before your application is approved:
- BronID, our identity verification partner, checks the identity of the people involved (KYC) and verifies your business's registration details as part of the KYB process.
- Weel's own compliance team reviews your application internally.
- Nium, our banking and card-issuing partner, then runs its own compliance review. Weel operates as an Authorised Representative under Nium's licence, so Nium is the regulated entity ultimately responsible for the account. Nium's review is the final gate: even once BronID and Weel have both cleared an application, Nium can still come back with questions or decline to approve it.
There isn't a single "decision maker" among the three: your application needs a clean result from BronID, from Weel's internal review, and from Nium, and any one of them can request more information or decline the application. The overall outcome reflects whether your application meets Weel's and Nium's eligibility, compliance, and onboarding requirements, including the applicable Terms and Conditions.
What triggers a "More Information Requested" stage after I've already submitted everything?
In some cases, additional information or documentation may be required after you submit your application. This doesn't necessarily mean there's an issue with your application; it simply means further verification is needed to complete the review process. This assessment is made by BronID as part of their checks.
Common reasons we may request additional information include:
- Clarifying the ownership or control structure of the business.
- Identifying individuals or entities that directly or indirectly own or control 25% or more of the business (see Understanding Ultimate Beneficial Owners (UBOs) for more on this threshold).
- Verifying information that's missing, incomplete, inconsistent, or can't be independently confirmed.
- Understanding more complex business structures, such as holding companies, trusts, joint ventures, or multiple layers of ownership.
- Confirming the authority of individuals acting on behalf of the business.
- Meeting additional regulatory, compliance, or risk assessment requirements.
If further information is required, we'll contact you with details of the specific documents or information needed to continue processing your application.
What are sanctions and PEP checks, and which provider runs them, BronID or Nium?
PEP stands for Politically Exposed Person. Financial institutions are required to check whether customers hold, or have held, prominent public positions (such as senior government officials, politicians, judges, military leaders, or executives of state-owned enterprises), or are closely associated with someone who does.
These checks are part of anti-money laundering and counter-terrorism financing requirements. Being identified as a PEP doesn't mean someone has done anything wrong; it simply means we may need to perform additional due diligence to meet our regulatory obligations.
Both BronID and Nium screen the people involved against watchlists that include sanctions and PEP databases, as part of their respective identity and compliance checks.