SME Multi-Entity Business Account¶
| Product ID | PRD-017 |
| Launch tier | 3 |
| Jurisdiction | NZ + AU |
| Status | Planned |
| Regulations | AML/CFT Act 2009 · AML/CTF Act 2006 · Privacy Act 2020 · Privacy Act 1988 |
The SME multi-entity business account supports companies operating multiple legal entities — such as a holding company with subsidiary operating accounts — within a single banking relationship. Each entity has its own ledger and KYC record while group-level views consolidate balances and activity across the hierarchy. Dual authorisation, per-entity payment limits, and consolidated reporting are built in as standard.
Key terms¶
| Term | Value |
|---|---|
| Account structure | Up to 3 levels of parent-child hierarchy per group |
| KYC | Each legal entity onboarded and risk-rated independently |
| Authorisation | Dual authorisation available; authorisation matrix configurable per account and transaction type |
| Payment limits | Per entity and per authorisation tier (MOD-021) |
| Group reporting | Consolidated balance and transaction view across all entities |
| Monthly fee | Per fee schedule (per entity) |
| Transaction fees | Per fee schedule |
| Direct debits | Supported per entity account |
| Statement frequency | Monthly per entity; group-consolidated monthly statement available |
System capabilities¶
The multi-entity hierarchy is established in a single onboarding flow — not a separate process per entity. Dual authorisation is enforced in real time by MOD-021 — no offline approval workflow or email confirmation is used. The consolidated group balance view is computed in real time from individual entity ledgers with no manual aggregation. Each entity is independently KYC-rated — the group relationship does not carry over the risk rating of the parent to subsidiaries automatically. Payment limit breaches are blocked immediately with a structured error response; no post-hoc review is required.
Eligibility¶
All entities in the group must be legal entities (companies, trusts, or partnerships). Each entity completes an independent KYC process including identification of directors and beneficial owners holding more than 25% ownership per AML-003. The group structure is documented as part of the onboarding record. The parent entity must have an active banking relationship with the bank before subsidiary accounts can be added.
Account / facility opening¶
- The primary contact for the group submits the group structure and entity details.
- MOD-105 confirms each entity meets eligibility criteria.
- KYC is completed for each legal entity independently — directors and beneficial owners verified per AML-003.
- The group hierarchy (parent and child accounts) is configured in MOD-007.
- Authorisation matrix and payment limits are set per entity per MOD-021.
- MOD-049 captures consent for each entity; MOD-050 delivers pre-contractual disclosures.
- All accounts are activated simultaneously. The consolidated group view is available immediately.
Fees¶
| Fee type | Amount |
|---|---|
| Monthly account fee (per entity) | Per fee schedule |
| Transaction fees | Per fee schedule |
| Additional entity setup fee | Per fee schedule |
Fees are applied by MOD-110 per entity and itemised on each entity's monthly statement.
Interest / charges¶
No interest is paid on standard business account balances. Where the account has an overdraft facility, interest is charged on the overdrawn balance at the rate set in the facility deed. Refer to the relevant credit product for interest terms.
Statements¶
MOD-113 generates a monthly statement per entity showing transactions, fees, and closing balance. A group-consolidated monthly statement is also available showing aggregated balances and transaction totals across all entities. Statements are delivered to the nominated administrator's in-app document vault and to each entity's registered contact.
Closing / exit terms¶
Individual child accounts may be closed without closing the group relationship — subject to no outstanding balances or pending transactions. Closing the parent account closes the entire group relationship; all child accounts must have zero balances before the parent account can be closed. No penalty applies for closing individual accounts or the group relationship.
Regulatory¶
New Zealand: AML/CFT Act 2009 per AML-003 — beneficial ownership verification required for each entity; ongoing monitoring. Privacy Act 2020 per PRI-001.
Australia: AML/CTF Act 2006 per AML-003 — beneficial ownership verification required for each entity; ongoing monitoring. Privacy Act 1988 per PRI-001.
Each entity in the group is treated as a separate reporting entity for AML/CFT purposes. The group relationship does not reduce the CDD obligations applicable to individual entities.
Governing policies¶
- CON-001 — Customer Fairness & Conduct Policy
- CON-004 — Product Disclosure & Sales Practice Policy
- CON-005 — Fee & Pricing Transparency Policy
- CON-006 — Product suitability and governance
- PAY-001 — Payment Operations Policy
- PAY-005 — Payment Fraud Prevention Policy
- AML-003 — Know Your Customer (KYC) & Identity Verification Policy
- PRI-001 — Privacy Policy
Implementation modules¶
| Module | Name | Status |
|---|---|---|
| MOD-001 | Double-entry posting engine | Deployed |
| MOD-002 | Immutable transaction log | Deployed |
| MOD-003 | Real-time balance engine | Deployed |
| MOD-007 | Account state machine | Deployed |
| MOD-020 | Pre-payment validation suite | Deployed |
| MOD-021 | Payment limit & velocity controller | Deployed |
| MOD-022 | Payment audit trail | Deployed |
| MOD-023 | Transaction fraud scorer | Deployed |
| MOD-044 | JWT role-based access control | Deployed |
| MOD-049 | Open banking consent management | Deployed |
| MOD-068 | Authentication & session management | Deployed |
| MOD-105 | Product eligibility engine | Not started |
| MOD-110 | Fee engine | Deployed |
| MOD-113 | Statement generation | Not started |
| MOD-114 | Direct debit mandate management | Deployed |
Compiled 2026-05-22 from source/entities/products/PRD-017.yaml