Hi Xinja team,
Hope you’re well. Thanks for your great ideas about Xinja, and I’ve been using it for a few weeks, convenient and impressive !
It’s my first time using neo-bank product, compared to my last 50 years’ using the Big Four. While before I getting more funds to Xinja, may I ask a bit more about the KYC on-boarding procedure please?
My on-boarding experience is really great and I’ve easily passed it, but my concern is: when I’m using the Aus traditional banks, I’m asked to provide 100-point materials (usually my Driver’s license + MediCare), sometimes even face-to-face in branch. While Xinja only asked me one of it, maximum worth 70-points .
I do worry about some day in future when regulation become more ‘harsh’ (or more comprehensive) on Neo-bank products such 70-points material will suddenly become ‘insufficient’. As a result, funds in neo-bank account will become unsafe, or inconvenient until I provide further KYC materials. For sure, I can provide it as required, but just in case any urgent needs of money.
FYI, my concern is from here: Financial Transaction Report Regulation 1990 para. 3(2), where it states:
3 The Verification Procedure
(2)The signatory or party to the bullion transaction is taken to be identified if the signatory or party to the bullion transaction rates at least 100 points.
Therefore, what is the Act or Legal Doc that can relieve me from such worry please? Sorry from such an old-school man like me, and will be appreciated if such worry can be addressed.
Cheers
Wayne