Where standard verification (see Verification level) is undertaken with respect to a sole trader, the following “Client Information” will be requested from the Client contact (see Client contact):

  • Proprietor

  • Trading name

  • Business address

  • Business registration number 

In addition, Individual verification (see Individual verification) will be initiated with respect to:

  1. the proprietor; and 

  2. any individual purporting to act on that individual’s behalf (see Individual acting on behalf)

Where enhanced verification is undertaken with respect to a client that is a sole trader, the standard verification process (above) will be initiated with the following addition:

  • Source of Wealth or Source of Funds (see Source of Wealth) for the client will be requested

Simplified verification is not available with respect to a client that is a sole trader.