KYC / AML policy
Why we ask you to prove who you are, what we ask for, how the checks work and how your information is protected while we do it.
In short. We check who you are before certain services start, we watch for signs of financial crime, and we keep what you give us private and protected. You will usually be asked for photo identification, proof of your address and a live selfie. Most people finish in one sitting on a phone.
1. Introduction
This policy explains the identity checks and financial crime controls that apply to AvenQuant clients in Australia. It covers "know your customer" (KYC) checks, anti-money laundering (AML) controls and measures against the financing of terrorism (CTF).
These procedures are not a formality. They protect you from people who want to open accounts in your name, they protect the platform from being used for crime and they keep us within the law. Please read it before you register.
2. What is KYC
KYC means identifying a customer and confirming that the details they give are true. In practice, we collect your name, date of birth, address and contact details, and check them against documents and reliable data sources. We repeat parts of this from time to time so that our records stay current.
3. What is AML / CTF
Anti-money laundering and counter-terrorism financing controls are the steps a business takes to stop illegal money passing through its services. They include assessing the risk each client presents, monitoring activity for signs of concern and reporting suspicious matters to the authorities where the law requires it.
4. Why identity verification is required
We verify identity to prevent fraud, to protect accounts from being opened or taken over by someone else, to meet the legal requirements that apply to us and to reduce financial risk for you and for us. Verification is also what allows us to pay withdrawals to the right person with confidence.
5. Documents we may ask for
We ask only for documents we actually use, and we will tell you which ones apply in your case.
- Proof of identity: a current passport, or an Australian driver licence or photo card, showing your full name, date of birth and a clear photograph.
- Proof of address: a recent bank statement or utility bill, normally issued within the last three months, showing your name and residential address.
- Selfie or liveness check: a short live photo or video taken on your phone, used to confirm that the person in the document is the person using the account.
For a smooth check, photograph documents flat, in good light, with all four corners and every line of text visible. Do not crop, edit or cover any part of them, and make sure the name matches the one on your account. Documents that are expired, damaged or in a name that differs from your registration are the most common reason for a first attempt to fail.
6. The verification process
Register
Create your account with your real name and contact details.
Provide your details and documents
Upload the documents above through your account, or send them securely as your manager directs.
Automatic check
Our verification tools check that the document is genuine, readable and consistent with what you entered.
Manual review when needed
A trained member of staff looks at cases that the tools cannot settle, for example blurred images or a name that differs between documents.
Confirmation
You are told the result by email and in your account, and any next step is explained.
7. Additional checks
Some clients need a closer look, called enhanced due diligence. This can apply if a deposit is unusually large for the profile you gave, if the source of your funds is unclear or if other risk indicators appear. We may ask for further documents, such as payslips or a sale contract, or for a short explanation of where the money came from. We ask only for what we need, and we explain why.
Typical triggers include a deposit well above what your stated income or savings would suggest, a source of funds that cannot be traced to you, a link to a high-risk country or a match on a sanctions or politically exposed persons list. A trigger is a reason to ask questions. It is never, on its own, an accusation.
8. How long checks take
Many checks are completed within a short time when documents are clear and complete. The total time depends on the quality of the images, whether details match across documents, whether a manual review or additional checks are needed and how busy our team is. If a check is taking longer than we expected, we will tell you and explain what we are waiting for.
9. Reasons for refusal or suspension
We may decline or pause verification if a document is invalid, expired or unreadable, if the details do not match, if a document appears to be altered or forged, if you do not provide requested information or if the check reveals another legal or compliance concern. In most cases you can send a corrected document and try again. Where the law prevents us from explaining why, we will say so.
10. Transaction monitoring
We monitor deposits, withdrawals and account activity to spot patterns that suggest fraud or money laundering, and we assess the risk of each account. If something looks unusual we may ask you questions, and we may temporarily limit some functions, such as withdrawals, until the matter is resolved. Where the law requires, we report suspicious matters to the authorities, and we may be prohibited from telling you that we have done so.
Monitoring looks at behaviour, not at people. Examples of what may prompt a review include many small deposits followed quickly by a large withdrawal, activity that does not fit the profile you gave us, and payments to or from accounts that are not in your name.
11. Your responsibilities
You must give us accurate, current and genuine information and documents, and tell us if your details change. Providing false or forged information is a breach of our Terms of Use and may be a criminal offence. It can lead us to close your account, to report the matter to the authorities and to hold funds while it is investigated.
12. Storage and protection of data
Verification documents and results are stored in encrypted form, accessed only by staff who need them and kept for as long as the law requires after your account closes. How long each type of data is kept, and your rights over it, are set out in the Privacy Policy, which this policy should be read with.
14. Legal compliance
Our controls are designed to meet the requirements that apply to us under Australian law, including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and its rules, together with the Privacy Act 1988 for the handling of your information. We review this policy regularly and update it when the law or our services change.
15. Contact and support
Questions about identity checks, or a decision you would like reviewed, can be sent to [email protected] with "KYC" in the subject line. Your personal manager can also guide you through the upload step by step, and the Client Support and Compliance team will pick up anything that needs a closer look.