Scrap Trade – Know Your Customer Information (KYC)

🔒 Because scrap metal trading is a regulated industry, we must gather certain information from you before you’ll be able to use Scrap Trade for transactions. This page explains why we need this information, how it’s used, and how we keep your data safe.

Why We Ask for Personal Information

As you continue the process of signing up for Scrap Trade, we’ll ask for information about your business and yourself, including your date of birth, tax ID number (ABN or ACN for Australian businesses), and proof of identity. We know you may wonder why we ask for this information and how it will be used.

The ‘Know Your Customer’ (KYC) process, explained below, helps us provide a safe, ethical, and compliant environment for all scrap metal trading transactions. It protects you, protects other members of our community, and ensures Scrap Trade operates within Australian and international regulatory requirements.

What is ‘Know Your Customer’?

‘Know Your Customer’ (KYC) standards are used by banks, financial institutions, and trading platforms worldwide to confirm that customers are who they say they are. By verifying our members’ identities, Scrap Trade can help keep transactions safe from:

Fraud and scams: Preventing criminals from creating fake accounts
Money laundering: Ensuring scrap trading isn’t used for illegal financial activities
Identity theft: Protecting legitimate businesses from impersonation
Stolen materials: Reducing the trading of stolen scrap metal
Payment defaults: Confirming financial credibility before transactions

KYC is not unique to Scrap Trade. It’s an industry standard required by law for any platform facilitating commercial transactions, particularly in industries like scrap metal trading that have historically faced challenges with illegal activity.

Why Do I Have to Share This Information?

Before we build a trading relationship with a member, we ask for specific information to:

Validate identity: Confirm you are who you say you are using government-issued identification
Verify business legitimacy: Ensure your business is properly registered and legally operating
Connect financial accounts: Verify bank accounts belong to your business to prevent payment fraud
Meet legal obligations: Comply with Australian AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) regulations
Protect the community: Create a trusted environment where all members are verified and accountable

The ultimate goal of the KYC process is to help your business get up and running with scrap trading as soon as possible while protecting your business, your trading partners, and the integrity of our platform.

We follow the same regulations as banks and financial institutions so that we can ensure we operate in an ethical and trustworthy manner. We want to protect your business and the transactions we facilitate for you. The KYC process helps us protect you.

What the Verification Process Looks Like

For Individual Sellers and Small Operators

If you’re registering as an individual or sole trader, we’ll ask you to provide:

Government-issued ID: Driver’s license or passport
Proof of address: Recent utility bill, bank statement, or rates notice (within last 3 months)
Tax identification: Australian Business Number (ABN) if you have one
Bank account details: For payment processing
Mobile phone number: For account security and two-factor authentication

For Registered Businesses and Companies

If you’re registering as a company or registered business, we’ll ask for:

Business registration documents: Certificate of incorporation or business registration
ABN and ACN: Your Australian Business Number and Australian Company Number
Company address: Registered business address
Director/owner information: Government ID and personal details for beneficial owners (people who own 25% or more of the business)
Authorized trader details: Information about individuals who will conduct transactions on behalf of the business
Business bank account: Company bank account for payments

For Scrap Yards and Processing Facilities

If you operate a scrap yard or processing facility, additional verification may include:

Scrap dealer license: Required in some Australian states (e.g., NSW, Victoria)
Environmental permits: Where applicable for your operations
Facility photos: Showing your yard, processing equipment, and operations
Business insurance: Public liability or professional indemnity documentation

What Else Should I Keep in Mind?

Setting Up Accounts for Others

If you’re setting up Scrap Trade for someone else, it’s best to have that person complete the account creation process themselves. As you can see above, we ask for very specific personal information about the business owner and you might not have all the details at hand.

It’s not always possible to change account information once it’s been saved, especially if the account accepts live transactions before the correct information is entered. This is because KYC verification creates a permanent record linking identity documents to the account.

Accuracy is Critical

Please ensure all information you provide is accurate and matches your official documents exactly. Common issues that delay verification include:

Name spelling differences between documents
Old addresses on ID that don’t match current utility bills
Expired identification documents
Business name variations (legal name vs. trading name)
Incorrect ABN or ACN numbers

Even small discrepancies can cause verification delays of several days while we clarify information.

Required Documents Must Be Clear and Valid

When uploading documents, please ensure:

Photos or scans are clear and legible (all text readable, no glare or shadows)
Documents are in color (not black and white photocopies)
Documents are current and not expired
All four corners of the document are visible in the image
File sizes are reasonable (typically 2-10MB per document)

Is My Data Safe with Scrap Trade?

Absolutely. We take every step required to safeguard your personal data. Here’s how:

Secure Data Storage

Bank-grade encryption: All personal data is encrypted both in transit and at rest using AES-256 encryption
Secure servers: Data stored on Australian servers with enterprise-level security
Access controls: Strict internal access policies only authorized compliance staff can view KYC documents
Regular security audits: Independent third-party security assessments

Privacy Protection

Privacy Policy compliance: We operate under strict Australian Privacy Principles (APPs)
GDPR standards: International data protection standards applied globally
No selling of data: We never sell, rent, or share your personal information with third parties for marketing
Purpose limitation: Your data is used only for verification, compliance, and platform operations

Industry-Standard Compliance

Scrap Trade is operated by MOBEIUS TECHNOLOGIES PTY LTD (ABN: 49 693 656 932, ACN: 693 656 932), a fully registered Australian company subject to:

Australian Privacy Act 1988
AML/CTF Act 2006 (Anti-Money Laundering and Counter-Terrorism Financing)
Corporations Act 2001
Australian Consumer Law

We maintain the same data security standards as Australian banks and financial institutions.

What We Do With Your Information

Your personal information is used only for the following purposes:

Identity verification: Confirming you are who you say you are
Account security: Protecting your account from unauthorized access
Transaction processing: Facilitating payments and trade documentation
Fraud prevention: Detecting and preventing fraudulent activity
Regulatory compliance: Meeting legal obligations under Australian law
Customer support: Assisting you with account and transaction issues
Platform improvement: Aggregate, anonymized data analysis (no personal identification)

We do not use your information for:

Marketing to third parties
Selling or renting data
Sharing with competitors
Any purpose not disclosed in our Privacy Policy

How Quickly Will You Confirm My Identity?

We work to confirm your identity as quickly as possible while maintaining thorough verification standards:

Typical Timeline

Individual accounts: Usually verified within 24-48 hours
Business accounts: Typically 2-5 business days
Scrap yards with additional documentation: 3-7 business days

What Affects Verification Speed

Document clarity: Clear, complete documents process faster
Information accuracy: Matching information across documents speeds verification
Business complexity: More complex corporate structures take longer
Additional checks: Some accounts may require enhanced due diligence
Volume: High registration periods may cause slight delays

Expedited Verification

If you need urgent verification for time-sensitive transactions, contact our support team at cs@scraptrade.com.au with ‘Urgent Verification’ in the subject line. While we can’t guarantee expedited processing, we’ll do our best to prioritize your application.

What Information Will I Need?

Here’s a comprehensive checklist of information and documents you’ll need to complete Scrap Trade registration:

INDIVIDUAL / SOLE TRADER CHECKLIST

Full legal name (exactly as it appears on government ID)
Date of birth
Residential address (current address where you actually live)
Email address (ensure you have access—used for important account notifications)
Mobile phone number (for SMS verification and two-factor authentication)
Government-issued photo ID: Driver’s license OR passport (current, not expired)
Proof of address: Utility bill, bank statement, or council rates notice (dated within last 3 months)
ABN (if applicable): Australian Business Number for sole traders
Bank account details: BSB and account number for your account

REGISTERED BUSINESS / COMPANY CHECKLIST

Company legal name (exact registered name)
Business Registration Number (As Per countries – for Example Australian Business Number)
Company Number (For Example – Australian Company Number)
Business type: Pty Ltd, Partnership, Trust, etc.
Industry category: Scrap yard, processor, collector, trader, broker, manufacturer, etc.
Registered business address
Trading address (if different from registered address)
Company phone number
Company website (if you have one)
Business registration certificate OR company extract from ASIC
Business bank account: BSB and account number (must be company account, not personal)

SCRAP YARD / PROCESSING FACILITY (Additional)

Scrap dealer license: Required in NSW, Victoria, and other states (check your state requirements)
Environmental permits: EPA licenses or approvals if required for your operations
Facility photos: 3-5 photos showing your yard, equipment, and operations
Proof of business insurance: Public liability insurance certificate
Monthly processing volume: Estimated tonnage per month
Material specializations: Types of scrap you handle (ferrous, non-ferrous, e-waste, etc.)

How Can I Change My Information?

We understand that business information changes over time. Here’s how to update different types of information:

Information You Can Update Yourself

You can update the following directly from your Scrap Trade account dashboard:

Email address (requires verification of new address)
Mobile phone number (requires SMS verification)
Business trading address (for display purposes)
Company description and specializations
Payment preferences

Information Requiring Verification

The following changes require customer support assistance because they affect your verified identity:

Legal name changes (requires updated government ID)
ABN or ACN changes (requires business registration documents)
Director or ownership changes (requires updated ASIC documents)
Bank account changes (requires verification of new account ownership)
Business structure changes (sole trader to company, etc.)

To change verified information: Email cs@scraptrade.com.au with:

– Subject: ‘Account Information Update’
– Your registered account email
– Detailed description of what needs updating
– Supporting documents (new ID, updated ASIC extract, etc.)

Our support team will guide you through the update process, typically completing changes within 2-3 business days.

Frequently Asked Questions

Why do you need my personal information if I’m just buying or selling scrap?

Even for simple transactions, Australian law requires platforms facilitating commercial trading to verify member identities. This protects everyone from fraud, ensures stolen materials aren’t traded, and prevents money laundering. Think of it like any legitimate business transaction—you wouldn’t buy a car or house from someone who refuses to prove their identity.

What happens if I don’t complete verification?

Without completed verification, you can browse listings and learn about the platform, but you cannot:

Post listings to sell materials
Submit offers to buy materials
Complete transactions
Access payment processing
Use advanced platform features

Verification is required for any transaction activity to protect all members.

Can I use someone else’s ID or business registration?

No, absolutely not. All documents must belong to you or your registered business. Using someone else’s identity documents is:

Identity fraud (criminal offense)
Violation of platform terms (immediate account termination)
Subject to legal prosecution

If you’re authorized to trade on behalf of a business, you must provide BOTH the business documents AND your personal ID showing you’re an authorized representative.

What if I’m concerned about privacy?

We completely understand privacy concerns. Please know:

Your personal documents are never shared with other members
Only authorized compliance staff can access KYC information
We’re legally bound by Australian Privacy Principles
Data is encrypted and stored securely
You can request to see what data we hold about you at any time

I operate from multiple states. Do I need separate verifications?

No. One verification covers your activity across all Australian states. However, you may need different state-specific licenses (e.g., scrap dealer licenses) depending on where you operate. Our verification process is platform-wide.

What if my documents are expired?

We cannot accept expired identification documents. Please renew your driver’s license or passport before registering. For business documents, if your ASIC company extract is older than 3 months, please request a current copy before verification.

Can I trade internationally with Scrap Trade?

Yes! Many members trade with international buyers and sellers. However, you still need to complete verification based on your home country. Australian members verify using Australian documents; New Zealand members use NZ documents, etc. The KYC process adapts to your jurisdiction while maintaining consistent security standards.

Need Help?

If you have questions about the verification process or encounter any issues:

📧 Email Support: cs@scraptrade.com.au

📞 Phone Support: Check your account dashboard for current support hours

💬 Live Chat: Available during business hours from your account dashboard

📚 Help Center: https://scrap.trade/help

✅ Our support team is here to help you through the verification process. Most members complete verification smoothly, but if you need assistance, we’re available to guide you every step of the way.

MOBEIUS TECHNOLOGIES PTY LTD

ABN: 49 693 656 932 | ACN: 693 656 932 | Australia