Requirements to open an account

Depending on the structure of the account, you may be required to submit certified copies of documents.

To ensure supporting documents are current and correctly certified, please refer to What are the certification standards and requirements?

Common issues that delay processing include:

• Certification is older than 12 months or undated
• ID document provided has expired (i.e. an expired driver licence)
• Certifier’s years of service isn’t provided
• Certifier’s capacity is missing
• Certification, or certifier's signature, is digital.
• Certifier wasn’t an independent person. For example, they were:
  • a related party to the individual customer (e.g. parent, child, sibling, spouse etc.)
  • a related party to the non-individual customer (e.g. beneficial owner, signatory to an account, director, trustee, beneficiary etc.)
  • the customer
• Previously certified documents were re-certified.

Differences in information between information entered into the application and any provided supporting documents can result in delays to account opening. Ensure the information on the application form matches other verification sources exactly.

The client’s information (e.g., name, date of birth, trust name, etc.) must match what’s stated on supporting verification documents exactly.

For example, if a client’s passport says ‘Johnathon James Smith’, the name provided on the application form must say, ‘Johnathon James Smith’, rather than ‘John James Smith’.

For more information on providing accurate and correct information, refer to this Help Centre article Resolving discrepancies in client information.

All applicants must include a valid mobile number and email address. Customer security is a priority for Macquarie. We have seen an increase in the number of sophisticated fraud cases targeting clients. The provision of an email address and mobile number will allow enhanced security through two-factor authentication (2FA).

Email addresses and mobile numbers are verified as part of the account opening process, so please ensure that this information belongs to the respective applicants to avoid delays. If an email or mobile number belongs to a third-party authority, we will reject the application and require a new application with the client's details. The terms and conditions of the application must be sent to the client’s email address so they can be reviewed and accepted by the individual/s opening the account.

When submitting applications for trust accounts, it’s important the correct information is captured from the trust deed, including names or class(es) of beneficiaries.

One of the key items which is often not completed correctly is information in relation to beneficiaries.

• Beneficiaries are individuals for whom a trust is created and who receive benefit from the trust.
• Beneficiaries may be specifically named in the trust deed or be listed as a ‘class’ of beneficiaries such as family members or unitholders.
• If the trust deed identifies beneficiaries by reference to membership of a class, we require the membership class(es) to be listed in the application.
• Where both named beneficiaries (individuals) and class(es) of beneficiaries are stated on the trust deed, please provide all applicable on the application.
• ‘Primary beneficiaries’, ‘Secondary beneficiaries’ and ‘Tertiary beneficiaries’ are not considered as classes of beneficiaries.
  

To comply with our Anti‐Money Laundering/Counter‐Terrorism Financing (AML/CTF) obligations, we’re required to collect and verify information about each beneficial owner.

A beneficial owner is an individual who ultimately ‘owns’ or ‘controls’ an entity.

This includes the individual, or individuals, who directly or indirectly, ‘owns’ 25% or more of the entity, or ‘controls’ the entity through decision making including an appointor, protector, trustee, director or a senior managing official.

A beneficial owner is always a natural person. Therefore, if another entity is a beneficial owner of the entity (including corporate trustees), the beneficial owner requirement (defined above) must be applied to that respective entity and so on until a natural person or persons owning 25% or more can be identified.

There may be circumstances where an individual or another entity holds shares in the client through a trustee or through a nominee on behalf of another person. This is known as non-beneficially held (NBH) shares. In these circumstances, some additional documentation is required to show the link to the underlying share holdings. We’ve created a guide for these more complex scenarios that you can access, see Beneficial Ownership Guide.

Please ensure the correct documents are uploaded showing the ultimate beneficial owners (i.e. individuals who own 25% or more) of the company for complex company shareholding structures. This may include a share certificate relating to the corporate trustee or a trust deed for the trust holding shares non-beneficially, rather than for the trust that the account is being set up for.

For more information about what documents we need depending on the underlying structure, refer to the Help Centre article Beneficial ownership requirements.

When opening a Self-Managed Super Fund (SMSF), please ensure before submitting the application that the SMSF is showing as:

1. Complying, or
2. Registered

You can check the status of the fund on the ATO’s Super Fund Lookup website.

If the SMSF is not showing as ‘complying’ or ‘registered’, the client should contact the ATO directly to resolve this before submitting the application, as we’re unable to proceed with the application

Print, sign and upload applications

To avoid delays in account opening for print, sign, and upload applications, please ensure the following:

• The request is signed and dated (signature dates must be on or after the printed application date)
• If signed electronically, ensure the Certificate of Completion is also uploaded at the time of submission
• We can’t accept any amendments written onto the application form (CMA) or client authorisation (Wrap). If changes to the application form are required, you will need to make the changes to the online application form and print a new application form/client authorisation for the client to sign.
  

Wrap

To open an Investment Wrap account under Power of Attorney (POA), tick the box stating you’re opening under POA. The POA will need to accept the terms and conditions on behalf of the client. 
 

CMA

A paper form is required to open a CMA under POA.

When opening an account under POA, we’ll generally require:

• A certified copy of the POA documentation
• A certified copy of government-issued ID displaying the POA’s name, date of birth, residential address and signature  
• If the appointed Attorney is not already registered with Macquarie, we’ll also require a completed Macquarie Individual Identification form and Third Party Authority form.