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Frequently Asked Questions
How does OCR Labs and Illion bank statements satisfy KCY Requirements?
OCR Labs satisfies KYC via referring to the DVS and using government issued forms of identifications.
Ilion bank statement assists with safe harbour procedures as we use this as an additional form of identification.
This is because we recognise that the bank and lenders have already verified the customer’s identity as part of their onboarding process.
What is a ITRS?
Leverages illion’s Bank Statements data and credit scoring, iTRS provides powerful new insights into applicants’ financial behaviour.
Example: Transaction data patterns that are indicative of applicant risk
- Applicants with BNPL fees show 70% higher bad rates than those without BNPL fees
- Applicants who sign up for direct debits are 20% lower risk than those who don’t
- Presence of Debt Collection activity means 2.2x higher credit risk
Australian foreign tax regulations
In Australia, there are two main foreign tax regulations that govern international taxation and the reporting of foreign income. These regulations are:
Foreign Account Tax Compliance Act (FATCA): FATCA is a U.S. legislation that aims to combat tax evasion by U.S. taxpayers with financial accounts held outside of the United States. Australian financial institutions are required to comply with FATCA and report financial accounts held by U.S. persons or entities to the Australian Taxation Office (ATO). The ATO then shares this information with the U.S. Internal Revenue Service (IRS) under the terms of a bilateral agreement.
https://www.ato.gov.au/business/third-party-reporting/fatca-reporting/
Common Reporting Standard (CRS): The CRS is an international standard developed by the Organisation for Economic Co-operation and Development (OECD). It requires financial institutions in participating countries, including Australia, to collect and report financial account information of foreign tax residents to their local tax authorities. This information is then automatically exchanged between countries to facilitate the exchange of tax-related information and detect tax evasion.
https://www.ato.gov.au/general/international-tax-agreements/in-detail/common-reporting-standard/
In NIMO if the customer selects “Yes” to the question “Do you have any overseas Tax obligations” they will be able to enter their overseas Tax identification number (TIN)