Compliance and verification for business customers
This article explains how Send is regulated and the compliance and verification activities you may experience as a business customer.
For more information on how Send protects your account, see How does Send keep me safe?.
How Send is regulated
- SendFX Limited (ACN 617 647 220) holds Australian Financial Services Licence (AFSL) number 509635, which authorises it to provide certain financial services in relation to foreign exchange contracts and non-cash payment products to retail and wholesale clients.
- SendFX Limited is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a remittance service provider.
- Our Terms and conditions, Financial Services Guide (FSG) and Product Disclosure Statement (PDS) are available on our website.
Compliance and validation activities you may experience
We carry out compliance and verification activities at different stages of your relationship with Send.
Business verification at sign-up (KYB)
When you open a Send business account, we collect and verify information about your business and relevant associated parties. These may include directors, beneficial owners and people authorised to act on behalf of the business. This is known as Know Your Business (KYB) verification.
For more detail on what you'll need, see Opening an account for a Business and Who can open an account with Send?.
Recipient validation
Recipients and payments are subject to screening and other controls before a payment is processed.
- We may ask for information or documents to help us understand the recipient, your relationship with them and the purpose of the payment.
- These checks help us meet our obligations and manage fraud and financial crime risks.
Source of funds requests
We may ask you for information or documents about the source of funds for a payment as part of our legal and compliance obligations.
- We may request documents such as company financials, bank statements or a letter from your accountant. We will let you know what information is required.
- Please provide the requested information as soon as possible to help us complete the review and minimise delays.
Transaction monitoring and payment holds
We screen and monitor payments and account activity on an ongoing basis. In some cases, a payment may be held while we complete a review.
- If we need more information, we will contact you using the email or phone number on your account. You may also receive a Task in your Send portal with a status of "To do".
- We will review the information provided and let you know if anything further is required.
Ongoing due diligence
We may request updated information from time to time as part of our ongoing compliance obligations.
- We will let you know what's needed and how to provide it.
- Keeping your details up to date may help reduce delays when we review your account or future payments.
What happens next
- Read the request carefully and provide the information or documents requested.
- Upload documents through the Task in your Send account where instructed.
- Contact our support team if you are unsure what is required.
- We will review what you provide and let you know if we need anything further.
Common questions
Why is Send asking for documents about my business again?
- We periodically review customer information as part of our ongoing obligations. We may need updated documents because existing information has expired, your business or account activity has changed, or we need further information to complete a review. Being asked for information again does not necessarily mean there is a problem.
- Please provide the requested information promptly so we can complete the review. If we cannot obtain sufficient information, your ability to use the account or process payments may be affected
Why has my business payment been held for review?
- Payments may be screened, monitored or manually reviewed before they are processed. A payment may be held while Send, one of our banking partners, an intermediary bank or the recipient’s bank completes its checks.
- If we require information or action from you, we will contact you using the details registered to your account or assign a Task in your Send account.
What can I do to help avoid delays
- Keep your business details, ownership information, and contact details up to date.
- Make sure the recipient details and payment information you provide are accurate.
- Respond promptly if we ask for further information or documents.
- Ensure your payments are for lawful business purposes and comply with our Terms and Conditions.
Contact us
Call Us
Phone: 1800 982 418
International: +61 7 5619 5700
Hours: 8:30am - 5:30pm AEST/AEDT, Monday - Friday