To open a Hatch account we need some information about your employment, your financial assets, and how you intend to invest. We’re required to gather and keep this information up to date under New Zealand law as part of our anti-money laundering (AML) obligations.
Note: If you hold a trust account, the information we request will be with respect to the trust rather than you personally.
How does Hatch use the information?
We review your answers to understand where your money comes from, and how you expect to invest it. Based on the information you give us and how you use your account, Hatch may need to ask for some additional documents to allow you to open, or for you to continue using your Hatch account.
If needed, we may ask for evidence of your main source of wealth or in some cases, source of funds.
Source of wealth — This is proof of where the majority of your financial assets originated from (e.g. If your main source of wealth is employment, we may ask for a pay slip or bank statement as evidence)
Source of funds — This is proof of where money came from for a particular transaction you’ve made
Will the info I give be secure?
We’ve got strong processes in place that keep your information private, and we hold it securely. We only share evidence of source of wealth or source of funds with third parties (e.g our broker DriveWealth, or identity verification service Cloudcheck) where necessary to meet regulatory requirements.
Will my info be used for marketing purposes?
No it will not. Your personal information is gathered only for our regulatory compliance purposes, and will never be shared or sold to a third party, or used to sell anything to you.
What if my answers change?
It’s important that you keep your account information up to date. If we notice account activity that doesn’t match what you’ve told us, we may need to contact you and check what’s going on.
Periodically, we'll ask you to review your account information and update it as required. To do this, you’ll get an email from us, and you’ll see a message in your Hatch account. You can update your info at any time if your situation changes. Simply login and head to your Hatch investor details.
What will happen if I don’t provide the information in time?
It’s important that you complete the review within the allowed time — even if you think nothing has changed. If you don’t, we may have to restrict your account (preventing you from buying shares) or even take action to close it. But don’t worry, we’ll give you plenty of time to get it sorted!
Need help?
We know that everyone has different circumstances. If you’re unsure what to do or need a hand to get it done, please get in touch with our team.