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Application Rework and Discrepancies

Rework trends and
how to avoid them

Rework can arise due to discrepancies when submitting applications these can be avoided when being made aware of the below.

Top 5 Rework Themes

Type of Trust

h
1. When submitting applications please ensure this field is completed prior to submitting the request
2. Ensure you have specified what type of trust this relates to, eg: Formal, informal, family, corporate

Trust Deed

h
1. Ensure the Trust Deed is provided when application is submitted and certification of this has been completed

ID Documents

h
1. Ensure relevant ID Documentation is submitted when the application is submitted
2. When providing ID ensure this is certified by a relevant party and legible once scanned in

Name Mismatch

h
1. When submitting applications cross reference names entered into the application with names listed on ID Documentation that will be provided
2. Ensure spelling and middle names all align with the application submitted and ID collected for verification

Beneficial Owner/Beneficiary

h
1. Ensure this is completed on Trust applications as this is mandatory field to process the application
2. All beneficial owners as subject to CDD/KYC Requirements

Types of
discrepancies

Two types of discrepancies that impact applications are either material or immaterial.

We see more immaterial discrepancies as these relate to minor errors, whereas material discrepancies relate to information which may appear fraudulent or suspicious. Examples of these are below: 

Material
  • Signatures not matching
  • Inconsistent address details
  • Photographs that don't appear to be of the same person.
Immaterial
  • Driver Licence address or postcode not matching to the application
  • Street name spelled incorrectly

Discrepancy Examples

Entity type
Name on application Name on driver licence Action

Cameron Ross Lively

Cameron A Lively 

This would be considered a material discrepancy as the middle initial on the driver licence differs to the name provided on the application. We’d require additional documentation to which is the applicants correct name.

Cameron Ross Lively

Cam R Lively

The information on the driver licence is not conflicting with the application this would be an immaterial discrepancy. The clients name would be recorded as per the application and adviser to confirm the correct name with the client. 

Entity type
Date of birth on application Date of birth on driver licence Action

14/09/1984

14/10/1984

Differences in a client’s date of birth would be considered a material discrepancy. Additional documentation would be required to verify this. An example of documentation to be provided could be a birth certificate. 

Important information

Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you. ANZ recommends you read the ANZ Savings and Transaction Product Terms and Conditions (PDF) and the Financial Services Guide (PDF) before deciding whether to acquire, or continue to hold, the product. Fees, charges and eligibility criteria apply.

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