KYC/AML Policy

Know Your Customer or KYC is the process of identifying our customers and verifying customer details to comply with local and global laws and regulations, including anti-money laundering and counter-terrorism financing laws.

Because Solitaire is a 'reporting entity' under the Australian Anti-Money Laundering and Counter-Terrorism Financing Act and part of the Solitaire Capital Group, we're required to apply processes so we can confirm the identity of our customers.

The laws that apply

Under Solitaire Capital’s KYC policy, Solitaire Capital is required to comply with:

Australia's Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Global anti-money laundering and counter-terrorism laws and regulations that

Solitaire Capital is required to comply with.

Laws relating to the US Foreign Account Tax Compliance Act (FATCA).

The Common Reporting Standard (CRS) under Australia’s Taxation Administration Act 1953.

What it involves

KYC means we need to collect and check our customers' information and keep it current. This includes fully identifying a customer before we provide them with services and may involve asking our customers to provide information about themselves periodically during the course of their customer relationship.

For example, FATCA and CRS require financial institutions, including Solitaire Capital, to collect and check information about the foreign tax residency of relevant account holders. We may also be required to report information about financial accounts of foreign tax residents to the Australian Taxation Office.

Tax authorities in participating countries may exchange this information.

 

The policy stipulates our requirements for helping to safeguard against money laundering, the funding of terrorism and other criminal activities.

What it involves

KYC means we need to collect and check our customers' information and keep it current. This includes fully identifying a customer before we provide them with services and may involve asking our customers to provide information about themselves periodically during the course of their customer relationship.

For example, FATCA and CRS require financial institutions, including Solitaire Capital, to collect and check information about the foreign tax residency of relevant account holders. We may also be required to report information about financial accounts of foreign tax residents to the Australian Taxation Office.

Tax authorities in participating countries may exchange this information. 

The policy stipulates our requirements for helping to safeguard against money laundering, the funding of terrorism and other criminal activities.

 

Account Opening Document Requirements

In accordance with the Australian Anti-Money Laundering and Counter Terrorism Financing Act 2006 we are required to verify your identity prior to opening a trading account.

We usually verify your identity with some photo ID and proof of address document/s.

A valid Photo ID:

·       Passport

·       Government ID, such as a Driver's License or State ID

·       National Identity Card

Photo ID must show full name and date of birth.

A valid Proof of Address:

The following are acceptable forms of proof of residence:

·       A Utility Bill (phone, gas, electricity)

·       Bank or Credit Card Statement (photo/scan of a physical letter or PDF of statement) 

·       Government-Issued Tax Document

All proof of residences must be current and not outdated by more than 90 days, show the full document, clearly display the name and address (no PO Boxes), and show a provision of services such as money owed or paid.?

If you don’t have any of those, contact us so that we can chat to you further. We may accept other documents, such as:

 Birth Certificate?

 Certificate of Citizenship

We must be able to understand the language shown on your Photo ID and Proof of Residence. We may require documents provided in languages other than English to be accompanied by an English translation.

 

Funds Withdrawal Procedures

The AML policy and procedure at Solitaire Capital detailed below is structured around strict guidelines to make sure that funds are securely sent back to their originating source and beneficiary.

  • Solitaire Capital customers must complete a withdrawal request containing their correct account information.

  • All withdrawal requests are submitted to Solitaire Capital accounts department for processing. Our Accounts department confirms the account balance, verifies that there are no holds or withdrawal restrictions on the account, and then approves the withdrawal request, pending compliance approval.

  • Solitaire Capital Accounts department reviews all withdrawal requests, verifying the original funds are withdrawn via the same method of deposit and to the account holder on file. Our accounts department examines the withdrawal request against the customer's deposit history to make sure there is no suspicious activity and verifies the bank account on file.

  • Approved withdrawal requests will be processed, and funds released to the client.

  • If a withdrawal is flagged as suspicious, the withdrawal is placed on hold and escalated internally for further investigation.

  • The outcome of the investigation may require Solitaire Capital involve external authorities.

AML Policy Details

The AML policy and procedure at Solitaire Capital detailed below is structured around strict guidelines to make sure that funds are securely sent back to their originating source and beneficiary.

  • Solitaire Capital monitors funding from various bank accounts outside of the account holder's home country.

  • Solitaire Capital performs its actions based on the anti-money laundering framework set forth by the Financial Action Task Force.

  • Solitaire Capital neither accepts cash deposits nor disburses cash under any circumstances.

  • Solitaire Capital does not accept third-party deposits of any kind.

  • Solitaire Capital matches each deposit to the account name on file for that customer.

  • Solitaire Capital reserves the right to refuse processing a transaction at any stage where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law, Solitaire Capital is not obligated to inform the client if suspicious activity is reported to any corresponding regulatory or legal bodies.

Account Opening Procedures

Prior to opening an account, Solitaire Capital shall document the identity, nature of business, income, source of funds and wealth if applicable, and investment objectives of each prospective customer.