C.04 Compliance - Client's Identity

June 27, 2018

Client's Identity 

 

Every client must be identified, we recommend getting an updated copy of their driver’s licence for every new loan.  Brokers are to adhere to the specific lenders requirements on all occasions.

 

Credit Checks (Equifax)
Our policy is that you do not need to complete a Credit Reference Check for your clients. However we do recommend you complete one if you have any concerns or don't know the client.  Best practice is to complete one every time as it does give you a useful insight into the a clients recent behavior. 


HINT - VowNet will allow you to complete a Veda Check in seconds with the press of the +EQUIFAX Button in the personal details section.  For this to work you need to have the clients full name, date of birth, drivers license details and address already entered in VowNet.

 Once pressed an Equifiax Document will be saved to the Documents.

 

 

Recommendation of Diligence
Some clients are already well known so we recommend being more diligent for unknown clients as follows:

 

How do you known the client?
Noting how you know the client or how they were introduced is an important part of the compliance process. Please make a file note in VowNet to demonstrate this. This best place to do this is in the Notes section (bottom) of the clients personal details.  This field will also be used in the Broker's Notes mail merge document.

Verifications
Brokers are required to complete the entire Verifications section to file note what methods were used to verify the client.

 

 

Social Media Check
Completing a Social Media check on the client is a useful way of adding an extra layer of confidence when verifying someone's identity. You can go to facebook, Linkedin and other sources to check out the clients online presence match's what they have advised you.

 

VowNet will automatically source this information and it can be found at the bottom of the client's contact details.  

HINT - This page is also a quick way to look up a clients Facebook or Linkedin profile. Just click on the social media icon and it will take you to their profile page.

 

 

 

 

 

 

 

 

 

Share on Facebook
Share on Twitter
Please reload

Compliance Topics
Please reload

Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Premium Brokers are Accredited Members of Vow Financial Pty Ltd and
the Mortgage & Finance Association of Australia.   Premium Broker Pty Limited ABN 40 105 746 692

© Premium Broker Pty Limited
Australian Credit Licence 392625