When onboarding your business with OFX, you’ll be asked to provide details about your company’s controllers and shareholders. This information is required to meet regulatory obligations, including anti-money laundering (AML) and know your customer/business (KYC/KYB) requirements. By collecting these details, OFX can verify the identity of individuals who have significant control or ownership in your business, helping to keep your account secure and compliant.

In particular, the onboarding requires shareholders who directly or indirectly owns 25% or more shares and voting rights to the business; controllers such as Directors, would need to be individuals with decision making authority for the business.

Why is this important:

• Regulatory Compliance: Financial institutions like OFX are required by law to collect and verify information about the people who control or own a business. This helps prevent financial crime, such as money laundering or fraud.

• Security: Verifying controllers and shareholders ensures that only authorised individuals can access and manage your business account.

• Smooth Onboarding: Providing accurate information upfront helps avoid delays in your onboarding process and ensures your business can start transacting as soon as possible.

Related FAQ Articles:

• Update the Controller and Shareholder page