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A qualified accountant is defined in s88B of the Corporations Act as a person meeting the criteria in a class declaration made by ASIC. Under ASIC Corporations (Qualified Accountant) Instrument 2016/786, an accountant is a qualified accountant if the accountant:

1. belong to one of the following professional bodies at the declared membership classification, and
2. the accountant comply with the professional body’s continuing professional education requirements.

 

Professional Bodies	Declared Membership Classifications
Chartered Accountants Australia and New Zealand (formerly The Institute of Chartered Accountants in Australia)	CA, ACA and FCA
CPA Australia	CPA and FCPA
Institute of Public Accountants (IPA)	AIPA, MIPA and FIPA

One can also be a qualified accountant if the accountant is a member of one of the eligible foreign professional bodies listed in the following section and the accountant:

1. have at least three years’ practical experience in accounting or auditing, and
2. is only providing a certificate for the purposes of ss708(8)(c) and 761G(7)(c) to a person who is resident in the same country (other than Australia) as yourself.

Eligible foreign professional bodies:

1. The American Institute of Certified Public Accountants
2. Association of Chartered Certified Accountants (United Kingdom)
3. Canadian Institute of Chartered Accountants
4. Institute of Chartered Accountants of New Zealand
5. The Institute of Chartered Accountants in England and Wales
6. The Institute of Chartered Accountants in Ireland, and
7. The Institute of Chartered Accountants of Scotland. 

Any incomplete registrations will be kept on the platform for a period of 3 months from the date of registration, after which all relevant documents will be deleted from the platform.

If you wish to complete your account registration after the initial registration has lapsed, please register for a new account.

When signing up with Fraxtor, the following documents will be required:

For Individuals/ Joint Account:

1. Proof of Identity: Driver Licence (front and back) or Passport Biodata Page
2. Proof of address: Any statement/ bill containing your name and address
3. Wholesale Investor Accountant’s Certificate 

For Corporate/ Institutional Investors:

• Memorandum and Article of Association
• Certificate of Incorporation
• Proof of the company’s business address if different to its registered address (e.g. a company bank statement or utility bill less than three months old and issued in the company’s name)
• Latest financial statement
• Group structure diagram (for entities within complex group structures only)
• Proof of Identity and Proof of Address for each Ultimate Beneficial Owner and Authorised Signatory/ Representative.
• Where an authorised signatory needs to be appointed, board resolution needs to be provided.

For Individuals:

1. Click on this link and click the “Create Individual Account” button.
2. Enter your email address, password and affiliate code (if applicable), “Continue” and check your email for an account activation email for the verification.
3. Click on the link within your email or enter the verification code to verify your email.
4. Log into your account to complete your registration.

For a faster onboarding process, you may verify your identity with the Facial Comparison software (requires passport).

Alternatively, you may choose “Virtual Verification” where our investment manager will get in touch to schedule a virtual-meeting for verification. 

5. To complete the sign up, you will need your identification document (Driver’s Licence or passport), proof of address and supporting documents which allows Fraxtor to verify your identity and to meet our AML CTF requirements to identify investors and to verify their source of funds.

For Joint Account/ Corporate Investors / Institutional Investors:
Please email support@fraxtor.com.au and our investment manager will be in touch to assist you with the account opening.

As a member of Financial Action Task Force (FATF), a global anti-money laundering and terrorist financing watchdog, Australia is committed to uphold the FATF standards and to safeguard our financial system.

Australia’s compliance with AML and CTF requirements is overseen by AUSTRAC. Austrac performs a dual role as Australia’s anti-money laundering and counter- terrorism financing regulator and financial intelligence unit. All financial institutions in Australia thus play a part in safeguarding our financial system by conducting appropriate checks to prevent and deter money laundering and terrorist financing activities through Australia. 

As part of Australia’s financial system, Fraxtor also plays a part in upholding the integrity of our financial system. Thus, our users are required to go through our client verification and AML checks as part of the onboarding process. This check will be repeated periodically in accordance with regulatory requirements.

Our AML CTF checks are a standard procedure used by financial service providers like us, to verify the identity and background of our investors.

AML checks refer to measures used to detect and deter illicit flow of funds through Australia.

Such rigorous checks, though may appear cumbersome and intrusive to some, play a crucial role in upholding the reputation and integrity of Australia’s financial system. 

We are required by the Australian Securities and Investment Commission (ASIC), the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) to identify the tax residence of our customers.

We advise you to consult your accountant or legal advisor.

Opening an account with Fraxtor is free. However, there will be fees incurred when you invest in our product offerings.