Why We Verify: Understanding KYC, AML and What It Means for You

In Short:

When you sign up for Pinch, we’ll ask for some important documents to verify your identity and business. This is part of what’s known as KYC – Know Your Customer – and it’s a legal requirement for all payment providers under Australia’s Anti-Money Laundering (AML) laws. It might feel like a big ask, but this process is essential for protecting you, your customers, and the wider financial ecosystem.

At Pinch, we’ve made it as smooth, secure, and human-centred as possible.

Why All This Matters: A Bit of Background

Imagine a world where anyone could move large sums of money without showing who they are or where that money came from. That kind of world makes it easy for bad actors to hide stolen funds, finance illegal activity, or exploit honest businesses as unknowing middlemen. That’s why governments around the world (including Australia) enforce Anti-Money Laundering (AML) laws.

These laws are designed to stop money laundering, terrorist financing, and fraud before it starts. And one of the most effective tools in this system is KYC.

KYC, or Know Your Customer, is exactly what it sounds like: it’s a structured way for financial services to confirm you are who you say you are. It’s a legal requirement for companies like banks, lenders, and payment platforms like Pinch. Without KYC, businesses could be exposed to enormous risk without even realising it. And that risk trickles down from regulators, to providers, to businesses like yours.

The Pinch Approach: We Do It Because We Care

At Pinch, we don’t just tick boxes, we walk alongside you to make onboarding feel safe and simple. Here’s how we do it:

✔️ What We Ask For:

We’ll request documents such as:

• A form of ID (e.g. driver’s licence or passport)

• Business registration details (like an ABN)

• A recent bank statement
  
  

🔒 How It’s Handled:

• You upload documents via secure channels.

• Your data is stored safely and never shared beyond what’s required for verification.

• We’ll let you know exactly what’s needed, with no guesswork.
  
  

🧍 A Human Touch:

Have questions? Feel unsure? Just want to talk it through?

Reach out to Chloe, our Head of Merchant Experience
📩 chloe@getpinch.com.au

She’s here to walk you through the process, answer your questions, and help you feel confident before you click submit.

Why This Is Good for You

We’ve seen the results first-hand: businesses that start with strong verification are better protected, get paid faster, and enjoy a more secure relationship with their customers.

Our role is to help you grow your business with confidence, while staying on the right side of compliance. And while no one loves paperwork, doing it once (and doing it properly) means a smoother experience for everyone.

Thanks for taking that step. We’re right here with you.