To continue paying your bills and suppliers directly through MYOB's Payments service, we need to check and verify information from key people within your business.
This is in line with MYOB's ongoing review of customer due diligence obligations under the Anti Money Laundering and Counter Terrorism Financing Act 2006.
If you don't complete the verification, your MYOB Payments service will be terminated.
What we need to check and verify for a Sole Trader
Identification of Sole Trader; and
identification of persons acting on behalf of the business.
Identification can be either:
A current Australian Driver’s Licence; or
an Australian or foreign issued passport.
What we need to check and verify for a Company
Identification of persons acting on behalf of the business; and
identification of Individuals determined to be Beneficial Owners.
For more information on Beneficial Owners based on your business structure, see below.
Identification can be either:
A current Australian Driver’s Licence; or
an Australian or foreign issued passport.
Beneficial Ownership
A beneficial owner is an individual, or group of individuals who effectively own or control an entity.
Entity Type | Who may be determined as a Beneficial Owner? |
Sole Trader | Cascading: The Sole Trader will be assumed as the Beneficial Owner Where there is reason to believe otherwise; Individuals with 25% or more control |
Company | Cascading: Individual Shareholders with 25% or more ownership, if no then Individuals with 25% or more voting rights, if no then Minimum of two Senior Managing Officials (e.g. CEO, CFO) |
Partnership | Cascading: Partners with 25% or more ownership, if no then Individuals with 25% or more voting rights, if no then Minimum of two Senior Managing Officials (e.g. CEO, CFO) |
Trust | Cascading: Individual Trustees, if no then Beneficial Owners of Corporate Trustee, if no then Appointor, Custodian or Principal of Trust |
Applicable to Unit Trust only: Individuals with 25% or more units, if no then Appointor, Custodian or Principal of Trust | |
Association (Incorporated & Unincorporated) | Cascading: Individuals with 25% or more voting rights (including power of veto), if no then Individuals entitled to 25% or more of property on dissolution, if no then One or more Senior Managing Officials (e.g. Chair, President) |
Co-Operative | Cascading: Individuals with 25% or more voting rights (including power of veto), if no then Individuals entitled to 25% or more of property on dissolution, if no then One or more Senior Managing Officials (e.g. Chair, President) |
Government Body | No Beneficial Ownership information required |