Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws require every financial service provider to verify its customers before they can transact. Weel operates under its licensed partner Nium, so Weel's identity partner BronID and Nium each independently verify your identity and your business, known as KYC and KYB checks. Completing them is a legal requirement, and it's what unlocks full account access.
How It Works
- AML/CTF laws: Australia's Anti-Money Laundering and Counter-Terrorism Financing laws stop criminals moving proceeds of crime and cut off funding to terrorist organisations.
- KYB and KYC checks: Financial service providers like Weel must verify every customer and business before they can transact, known as KYB and KYC checks.
- Nium's approval authority: Weel operates under Nium, its licensed partner, as an Authorised Representative, so Nium's approval and risk appetite decide who Weel can onboard.
- A legal requirement: Completing your KYC and KYB checks isn't optional. It's required by law before you can use Weel to transact.
- Start now, verify in parallel: You can create your Weel account and begin the onboarding form straight away, with full access following once BronID and Nium both approve.
Good to know
- AUSTRAC, the Australian Government agency responsible for preventing, detecting, and responding to financial crime, has more detail on why these checks exist.