A. Policy Statement
It is our policy to respect the confidentiality of information and the privacy of individuals. We are bound by the Australian Privacy Principles contained in the Commonwealth Privacy Act 1988 (as amended) (together, referred to as the “Privacy Laws”).
B. Why do We Collect Personal Information
Our business is to provide financial services to clients. To do this effectively and to fulfil our regulatory obligations we need to collect Personal Information. All of the information collected by OANDA, in the application form or otherwise, is used for the purpose of providing you with the financial products and services, maintaining your Account, and for the purpose of assessing whether you would be suitable as a client for, generally or for particular financial services. Because of the nature of the products and services we provide and our regulatory obligations, we do not have the option of allowing you to deal with us anonymously.
In collecting Personal Information, OANDA is required to:
• collect only information which is necessary for the purpose described above;
• ensure that collection of the information is by fair and lawful means; and
• take reasonable steps to make you, the individual, aware of why the information is being collected and that you may access the information held by us.
If necessary, OANDA may also collect information on directors and shareholders of a corporate client or agents or representatives of the client. OANDA may be required by law to collect information, such as for taxation purposes or to identify persons who open or operate an account.
OANDA may take steps to verify information given to it, in accordance with relevant laws, such as consulting registries, referees, employers or credit agencies. This information will not be disclosed to any other person although OANDA may disclose this information to its related bodies corporate or agents in the ordinary course of OANDA providing you with its financial products and financial services.
C. Categories of Personal Information OANDA Collects
Because of the nature of the products and services we provide we require a range of Personal Information from clients. The information we collect can include (but not limited to):
• Account Application Forms and other documents and data submitted by clients, such as client name, residential address, government issued ID numbers, date of birth, contact details, financial statements, employment information, investment experience, annual income, and estimated net worth;
• Client transactions with OANDA such as account deposits and withdrawals that require clients to provide bank account information;
• Client reports and other information OANDA receives from third party agencies (for example identity checks or credit information);
• Communications with OANDA client service representatives; and
• “Cookies” described in section N below.
OANDA will not collect more Personal Information than is required to open and operate clients’ accounts, and to comply with regulatory obligations.
We may ask for other information from time to time to enable us to improve our services (for example through market research, surveys or special offers). This information is voluntary.
If you choose not to provide the information we require to provide you with products or services, we may not be able to provide you with those products or services.
If you provide us with Personal Information that we have not requested we will endeavour to only retain the information that we are required to hold to provide you with our products and services. This may not be possible in all cases especially if this additional information is provided with information we are required to retain.
OANDA may record telephone conversations between you and our staff. These recordings, or transcripts of may be used to resolve disputes between you and OANDA.
D. How OANDA Uses Client Personal Information
OANDA may use Personal Information as necessary to:
• positively identify and determine eligibility of clients opening accounts;
• evaluate whether foreign currency contracts and CFD trading is suitable for each client;
• complete bank deposits and withdrawals,
• effect, administer or to enforce transactions requested or authorised by the client, and
• maintain or to service the client’s account with OANDA.
Personal Information collected online may be combined with other information clients provide to OANDA in hard copy or through the OANDA help desk. OANDA will not use or disclose or sell, rent or lease any Personal Information about its clients or former clients to any third parties except as stated in this Policy. Personal Information may be transferred across national borders for the purposes of data consolidation, storage and client data management.
While we may send you marketing material that we think may be useful to you, we are cognisant of the need to respect your privacy. Unless you are informed otherwise, this information is used to review your ongoing needs, enhance client service and give you information or opportunities that we believe may be relevant to you.
If you do not wish to receive non-essential information or marketing material, you will be allowed to unsubscribe to receiving such material.
E. Disclosure of Client Personal Information
Personal information may be disclosed to:
• any person acting on your behalf, including your advisor, accountant, solicitor, executor, attorney or other representative;
• related bodies corporate or agents in the ordinary course of OANDA providing you with its products and services if you use, or intend to use, services of those other corporations;
• any organisations to whom OANDA outsources administrative functions;
• brokers or agents who refer your business to OANDA (so that we may efficiently exchange information and administer your account);
• regulatory authorities;
• others as required or permitted by law or by court order.
This information will not be disclosed to any other person without your consent.
We will take reasonable steps to require that organisations both within and outside the OANDA group who handle personal information acknowledge the confidentiality of this information and comply with the Privacy Laws and this policy. You should be aware that our ability to enforce the Australian Privacy Principles and to take action in relation to a breach may be limited.
We understand that you may chose not to disclose Personal Information to us because of this. However, if you choose not to provide the information we require to fulfil our regulatory obligations we may not be able to provide you with our products and services.
F. Permission to Disclose Personal Information
G. Management of Personal Information
All OANDA employees are trained to respect the confidentiality of client information and the privacy of individuals. Additionally, we have appointed a Privacy Officer to ensure that our management of personal information is in accordance with this policy and the Privacy Laws.
H. Procedures to Safeguard Personal Information
OANDA has implemented procedures to safeguard client Personal Information. OANDA restricts access to Personal Information to those OANDA employees who need to know that information in order to provide our products or services to you. OANDA maintains physical, electronic and procedural safeguards to safeguard Personal Information. OANDA protects client account information by keeping it on the secure portion of its website, using firewalls and other security technology to protect its network and systems from external attacks, and by requiring clients to enter a unique user ID and password to access the fxTrade and fxTrade practice systems. OANDA conducts periodic internal audits of its business practices and procedures, examining its confidentiality standards and information access, in order to best protect our clients’ Personal Information.
I. Retention of Personal Information
OANDA only keeps Personal Information on file for as long as it is required to provide clients with products and services and to meet legal requirements. When OANDA no longer needs the Personal Information, it is either destroyed or made anonymous.
OANDA attempts to ensure the accuracy of the Personal Information collected. OANDA records the dates when Personal Information was obtained from clients and will periodically ask clients to review the Personal Information OANDA has on file and to update any Personal Information that has changed.
K. Sensitive Information
Some personal information we collect or hold is sensitive and subject to greater restrictions. The way we use tax statements and information from credit reporting agencies may also be restricted by law. It is our policy that sensitive information will be used and disclosed only for the purposes for which it was provided unless otherwise agreed by the client or the use or disclosure is allowed by law.
Any concerns a client may have regarding OANDA’s privacy practices or specific complaints about how client Personal Information has been collected, used or disclosed should be forwarded in writing to OANDA’s Privacy Officer. OANDA will thoroughly investigate the complaint and will take whatever actions are warranted and notify the client once this has been done.
If you have a concern or complaint that our actions breach this policy or the Australian Privacy Principles you can contact us by phone on: 13000 OANDA (62632)or write to us at: Level 22, 1 Alfred Street Sydney NSW 2000 or email firstname.lastname@example.org.
If you are not satisfied with our response you can call the Privacy Commissioner’s hotline on 1300 363 992.
M. Your Right to Check the Personal Information That We Hold
Under the Privacy Laws, you have the right to obtain a copy of any Personal Information we hold about you. There are some exceptions to this set out in the Privacy Laws.
To make a request, please contact us by phone on: 13000 OANDA (62632)or write to us at: Level 22, 1 Alfred Street Sydney NSW 2000 or email email@example.com. We will need to verify your identity and may require you to complete a form specifying the information you require. We will acknowledge your request within seven (7) days and respond promptly to it advising the procedure to accessing this information.
O. Links to non-OANDA websites
Q. Contact Us
Oanda Australia Pty Ltd (ABN 26 152 088 349, AFSL No. 412981)
Address: Level 22, 1 Alfred Street Sydney NSW 2000
Phone: 13000 OANDA (62632)