When setting up an account it’s important for us to get to know our customer. With personal accounts this is simpler than an entity, where multiple people manage the organisation, make decisions over the funds, have access to account information and give instruction for account changes.
With the AML/CFT Act we are required to identify anyone with effective control over the entity and/or the funds. This includes but is not limited to trustees, directors, shareholders, signatories, officers and any persons acting on behalf of the entity. Often with churches, this may include deacons or similar, as well as any other role, committee, or individual with significant control.
It will be different for each entity, so please contact us if you are unsure on who is a key individual for your entity.