Identity verification and anti-money-laundering

1. Introduction

Knowing the customer and monitoring transactions are the two fronts that keep the platform clean: real people only, with funds of lawful origin. These controls cut identity fraud, protect legitimate accounts from impersonation and meet Australia's legal obligations for prevention. For the honest user, KYC is also what keeps the service cheap to run: without verification, fraud losses would be priced into every account, instead of zero-dollar opening and maintenance.

2. What KYC is

A set of checks confirming that you are who you say you are. We compare your registration details against official documents and test that they are genuine, current and consistent with each other. It runs once per account and returns only when a core detail changes.

3. What AML/CTF is

The battery of measures against illicit funds: risk rating of each client, continuous monitoring of transactions and reporting of suspicious activity to AUSTRAC where Australian law requires it.

4. Why verification is required

Because it is what stops your identity being used by someone else, blocks accounts opened with stolen details and keeps the platform inside the law. There is a practical bonus: a verified account resolves any future request, from an email change to access recovery, in

A note on timing expectations: verification is not instant by design, and the two-business-day manual window exists so a person can look at edge cases properly rather than a system guessing. Accounts that complete the automatic stage never see that window at all, which is the majority, and for the rest the wait buys a decision that will not need undoing.

minutes rather than days.

5. Documents required

Identity: a current passport, driver licence or proof-of-age card, front and back, original rather than photocopy. Address: a utility bill or bank statement in your name issued in the last three months. Where requested, a short selfie video holding the document proves live presence at the moment of submission.

We ask for nothing beyond that list. If an image arrives unreadable, retake it with more light, no glare and the whole document in frame. And a scam-awareness note: documents are uploaded in the dashboard's own field, never through an external link or chat message; a supposed "analyst" collecting documents over a meeting link is running a known scam.

6. The verification process

Five stages: registration with basic details; upload of the documents above; automatic checks of validity and consistency; human review only where a minor discrepancy appears; and email confirmation with the status visible on your dashboard. Most cases conclude at the automatic stage within minutes.

The dashboard status has three states and one rule: "pending" means action on your side, "in review" means action on ours, and "complete" means the account is clear. While a case is in review there is nothing to chase, and no extra document request will ever arrive through any channel except the dashboard itself or the official email address.

7. Enhanced due diligence (EDD)

Higher-risk profiles go through enhanced checks: evidence of the source of funds, supplementary documents or a short video call. Typical triggers are volumes well above the average, unusual activity patterns or partial matches against sanctions lists. EDD tends to alarm whoever receives it, so let us be clear: it is the opposite of an accusation. Every serious institution applies deeper checks to larger volumes, and clearing EDD is usually as

On what "source of funds" means in practice, since the phrase intimidates: a payslip, a sale contract, a tax return or a bank statement showing the deposit accumulating. One document naming the origin usually closes the question, and nothing further is kept beyond the retention rules that apply to the rest of your file.

simple as documenting a source of funds most people already have paperwork for.

8. Verification timeframes

Automatic checks: minutes. Manual review: one to two business days. Volumes, public holidays and document re-uploads can extend the timeframe, always with the live status on the dashboard. There is no need to email for a progress check: the answer is on your screen.

9. Reasons for refusal

Expired or unreadable documents; details on the form that disagree with the document; suspected alteration; refusal to provide requested information; relevant matches against sanctions lists. In every case we state the reason and the correction path, and an honest statistic: most refusals are a crooked photo or a clipped document edge, fixed by one clean re-upload. Refusals on suspected alteration are rare and go through second-instance human review with your right to respond.

10. Transaction monitoring

Deposits and withdrawals are monitored continuously. Behaviour far from the declared profile, sudden value jumps or rapid in-and-out cycling triggers a review and can limit account functions until the case is clarified. The monitoring is statistical, not moral: what is measured is the distance between the profile you declared and the way the account behaves.

11. User responsibilities

Provide true, complete and current details, and keep them that way: a new address or phone number belongs in the account the same week. False information can suspend the account and, depending on the case, trigger the notifications required by law. It is equally your obligation to operate only your own lawful funds and never to lend account access to anyone else.

12. Storage and protection of data

KYC documentation is stored encrypted, access-restricted and retained for the period Australian law requires. The complete treatment of personal data is described in the Privacy Policy, which applies to everything this page does not cover.

13. Data sharing

Verification runs through contracted KYC and technology providers acting as processors with confidentiality obligations. Data may also be shared with related group companies for operational purposes and with regulators or authorities where a valid legal request requires it, including AUSTRAC. Verification data is never sold to anyone.

14. Compliance with requirements

Renevex subjects its KYC/AML/CTF procedures to Australian law, including AUSTRAC guidance on preventing money laundering and terrorism financing, and keeps verification records for the required periods under internal governance standards reviewed annually by independent audit.

15. Contact and support

Questions about this policy or your own verification: [email protected]. The Client Support & Compliance team answers KYC/AML queries with priority, normally within the first business day.