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MYOB Payments service verification

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