Hi StefaniaF
The request for additional information is due to recent changes to anti-money laundering and customer due diligence obligations, and a change to our verification requirements for all customers of MYOB’s Online Invoice Payments service.
All financial institutions, including MYOB, have a regulatory requirement to ensure that when offering a financial service, we verify individuals associated with a business that is applying or has applied for a financial product.
By providing this information, you are playing a key part in keeping Australia's payment system free of money laundering.
If you do not meet the request for additional information, your service will be restricted for Online Invoice Payments service, access to your MYOB product will remain active for everything else.
With regards to your concerns, at the time of applying for MYOB’s Online Invoice Payments (OIP) service you were required to consent to the OIP Terms and Conditions and would also have been directed to the MYOB Privacy Policy as part of that consent. No customer can sign up to the OIP service without doing the above.
Clause 15(b) of the OIP Terms and Conditions states as follows (orange text references the consent required in the current context):
15(b) You must comply, at your own cost with all reasonable conditions, procedural requirements and directions notified to you by us in connection with your (and your customers’) use of MYOB’s Invoicing Service, or a specific Payment Channel, including in relation to:
i. initiating, processing or effecting of transactions, including Payments or Adjustments, through a Payment Channel;
ii. the format of materials issued by you in relation to a Payment Channel;
iii. dealings with confidential information of ours or a 3rd Party; or
iv. consents to the collection, use and/or disclosure of Personal Information under Privacy Law, as and when reasonably required by us.
Clause 7 of the Privacy Policy states: (orange text references the consents provided in the current context)
7. Why does MYOB collect your personal information?
We collect your personal information (including information entered or uploaded by you, or on your behalf, into our products or services) for the purpose of:
- verifying your identity
- meeting our regulatory and legal obligations ;
- providing you with our products and services including our online accounting and financial services products];
- helping us operate, protect, improve and develop our business (including our products and services) and our users' experience, for example, by performing analytics and conducting research;
- obtaining information about your commercial credit worthiness (e.g. credit score checks);
- helping us customise and improve your experience;
- assisting your authorised third parties (eg your accountant, bookkeeper or a third party financier);
- providing technical and other service support, administrative messages, reminders, technical notes, updates and information to you and your authorised third parties;
- keeping you informed about our products and services and those of our relevant business and joint initiative partners, and tailoring this information to your needs and interests;
- enabling secure access to our products and services;
- participating in any third party acquisition or potential acquisition of an interest in us or our assets;
- responding to any feedback, queries or complaints;
- processing a job application that you've submitted;
- fulfilling our legal and regulatory obligations; and
- otherwise as may be required for the general management and conduct of our business.
Based on this prior consent to the Terms and Conditions and Privacy Policy at the time of signing up to MYOB’s Online Invoice Payments Service, MYOB is entitled to request additional detail to fulfil our legal and regulatory obligations and to ensure that when offering a financial service, we verify individuals associated with a business that is applying or has applied for a financial product.
For more information and FAQs click here: Updates to online invoice payments
For our community forum post click here: Request for additional information for online invoice payments
We will get a member of our Payments Review Team to contact you and resolve any additional queries or concerns.