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 NZ 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 and how you use your account, Hatch may need to ask for some additional documents to allow you to open, or continue using, your Hatch account.
For those we do need these documents from, we’ll generally just need 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 documentation such as a payslip or bank statement as evidence.
Source of funds — This is proof of where the money came from for a particular transaction you’ve made.
Will the info I give be secure?
We’ve got rock-solid processes in place that keep your info private, and hold it securely. We only share this information 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 info is gathered strictly for regulatory compliance purposes, and won’t be sold to anyone 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 which doesn’t match what you’ve told us, we may need to contact you and check what’s going on.
When we need you to review your account information you’ll get an email and you’ll see a message in Hatch. We’ll reach out to you periodically to ask that you check your information and update it if needed. You can update your info whenever — just login and head to the investor details page.
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 ample time to get it sorted!
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.