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Transaction Reporting and Money Laundering Prevention

Technocash is a gazetted Cash Dealer for purposes of the Financial Transaction Reports Act 1988 and provides designated services for purposes of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. As such the Company co-operates with various government authorities including the Australian Transaction Reports and Analysis Center (AUSTRAC). This ensures a stable and safe financial system for all.

What the law requires:

  • We may be required to verify your identity, address and other details.
  • We are required to keep records of all transactions together with identification provided.
  • We are required to monitor, and in some cases report to AUSTRAC, certain types of transactions or suspicious transactions of any size.

What am I asked to do?

Technocash requires certain minimum identification from customers in order to open an Account. For example, if you are an individual you need to let us know your name, residential address and date of birth. This information is usually collected on your Account application form. You also need to provide us with identification that shows either (i) your name and address, OR (ii) your name and date of birth (such as a passport, driver's license, birth certificate, and so on). This information is required for each signatory, that is, each person with authority to operate the Account.

Additional information is required for customers opening an Account in the name of a business. For these customers Technocash also requires:

  • A copy of the Certificate of Incorporation for the Company or a copy of the certificate of registration of business name;
  • If the Company is Pty Ltd, the name of each Director/owner of the Company; and
  • The registered business address and the main business address.


    • Customers may also be required to provide additional identification if their Account transaction activity reaches certain levels. Presently these levels are over $1000 in one day or $2000 in one month. Where these levels are reached, you will need to have either: (i) completed an appropriate Identification Form supplied by Technocash, OR (ii) undergone a 100-point ID check or otherwise provided sufficient identification. Click here to print out a copy of the Australian Identification form or the International identification form, or contact us for a copy. Send any completed forms to Technocash at: PO BOX 618, Parramatta, NSW, 2124. An identified account has unlimited transaction capacity.

    Different requirements apply to you depending on what type of customer you are - individual, business, association, government body, and so on. For full details please refer to the terms and conditions in our legal section - click here.

    When?

    You could be asked to confirm your identity whether you are applying to be a new customer or have been a customer for some time. While our identity verification systems are designed to minimise any inconvenience for you, the verification process may take several days to complete.

    Why?

    Crime and terrorism do not work without money for funding. Criminals may use false identities when attempting to turn "dirty" cash from the proceeds of crime into clean money. Making sure that people are who they say they are is essential in the fight against crime and terrorism. Please remember that if Technocash needs to verify your identity this does not mean in any way that suspicion is falling on you. Your information is held confidentially in accordance with the Technocash Privacy Policy and will help stop your identity being used falsely.

    Who is involved?

    The Australian Government, as well as Governments all over the world and organisations involved in financial services, are all involved in preventing the spread of financial crime internationally. Your co-operation is vital to the successful fight against crime and terrorism.

    Please read the full terms and condition in our legal section for more details. Click here.