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Pinch Payments Compliance Guide

Points of Identification (POI)

All POI documents must be:

  • In colour
  • Current (not expired)

Accepted POI Documents

  • Driver’s Licence: Front and back, showing licence/card number and current residential address.
  • Passport + Utility Bill: If using a passport, also provide a recent utility bill confirming residential address.

Who Needs to Provide POI?

✅Registering User - Often a director. If not, POI for both user and director is required.

✅Ultimate Beneficial Owners (UBOs) - Any individual with ≥25% company shares.

Why UBOs Matter?

Identifying UBOs is essential for:

  • Anti-Money Laundering (AML) compliance
  • Preventing financial crime

How to Identify UBOs?

  • Corporate Registries: e.g., ASIC (Australia)
  • Supporting Documents: Trust deeds, partnership agreements, etc.
  • Pinch Support: We assist with AUSTRAC and ASIC searches.

Company Documentation Requirements

Trust Deeds

Required if company shares are held in a trust or similar structure.

Used to identify:

  • Settlor
  • Trustee
  • Beneficiaries

Examples of relevant structures:

  • Discretionary Trading Trust
  • Fixed Unit Trust
  • Other Incorporated Entities

If ASIC reports shares as “not beneficially held,” a trust deed is likely required.

Other Structures

  • Membership Organisations / Sports Clubs: Provide board meeting minutes or similar documentation.
  • Not-for-Profits: Must be registered with the Australian Charities and Not-for-Profits Commission (ACNC).
  • Tax Accountants / Bookkeepers: Must be registered with the Tax Practitioners Board.

Regulatory Declarations

Please confirm whether your business:

  • Holds an Australian Financial Services License (AFSL) → Provide AFSL number
  • Is AUSTRAC registered → Yes or No

Bank Statement Requirements

To meet Know Your Customer (KYC), AML, and Counter-Terrorism Financing (CTF) obligations, provide a bank statement that:

  • Was issued within the last 3 months
  • Includes at least 1 month of transaction history
  • Is unredacted
  • Shows the account name (must match company name)

Important Notes:

  • We cannot settle funds to personal accounts for Pty Ltd companies.
  • For new businesses, a bank account opening statement and operational overview are acceptable.