International payment providers may request documents to understand a business, verify the people authorised to act for it and assess the purpose of a transaction.
Preparing accurate records in advance can make the process more efficient.
There is no universal document list. Requirements depend on the provider, jurisdiction, currency, transaction value, payment purpose and risk assessment.
1. Business Identity and Ownership
A provider may request:
- Company registration details
- Australian Business Number (ABN)
- Registered business address
- Business activity information
- Details of directors or beneficial owners
It may also need to verify the identity and authority of the person giving payment instructions.
Keep corporate records current and ensure the information supplied is consistent.
2. Evidence of the Transaction
Depending on the purpose, relevant documents may include:
- Commercial invoices
- Purchase orders
- Signed contracts
- Service agreements
- Shipping documents
- Customs records
- Settlement statements
The documents should explain why the payment is being made, who is involved and how the amount was calculated.
3. Source of Funds and Source of Wealth
A provider may ask where the money for a particular payment came from and, in some circumstances, how the business or individual accumulated its broader wealth.
Evidence may include bank statements, sale agreements, audited accounts, tax records or other appropriate records.
The exact evidence requested depends on the circumstances.
4. Third-party Payments and Unusual Structures
If the payer, invoice issuer and beneficiary are different, additional documents may be required to explain the relationship and commercial rationale.
Do not assume a provider will accept a payment from an unrelated party.
Disclose the arrangement before funds are sent and follow the provider's instructions.
5. Make Documents Easy to Review
Use legible, complete and current copies.
Ensure names, dates, amounts, addresses and transaction descriptions match across documents.
If a document is not in English, ask whether a translation or certified translation is required.
Do not alter documents or omit relevant information.
6. Protect Sensitive Information
Send documents through the provider's approved secure channel.
Limit access within the business, avoid sending identity or banking records through unverified email addresses and retain records in line with applicable privacy and recordkeeping obligations.
Conclusion
The best preparation is to understand the transaction and keep a clear, consistent evidence trail.
Ask the provider for its current requirements before arranging payment, especially for higher-value, unusual or time-sensitive transfers.
Document requirements can change and this article is general information only.