Why does NAB undertake customer due diligence?
We are required by law to perform customer due diligence so we know our customers. By undertaking customer due diligence we’re helping to safeguard our customers and our communities. Gathering information about our customers and confirming their identify helps to reduce the risk of our products and services being misused to commit financial crimes such as money laundering and terrorism financing.
Completing customer diligence is more than a regulatory commitment we must meet; it’s also part of our corporate responsibility and helps to safeguard the financial system.
Understanding customer due diligence
Customer due diligence is a necessary step in our verification process which enables us to uphold the highest standards of security in banking. To learn more about customer due diligence, we have prepared a guide of frequently asked questions.
You can find more general information about the customer identification and verification requirements that banks and other regulated bodies must follow by visiting the AUSTRAC website, opens in new window.
How this impacts you
If you’re a new customer, you’ll need to provide information to help us understand the purpose and intended nature of your relationship with us. This includes proving your identity and helping us understand where your funds and wealth come from.
We also require similar information about your beneficial owners or controllers.
If you’re an existing customer, from time to time, we’ll confirm that the information we hold about you is still complete and correct. If your information has changed, please let us know as soon as you can, so we can update our records.
Information you'll need to provide
Depending on whether you’re a personal banking customer or business banking customer, we’re required to collect and verify a variety of identifying and proof of income documents from you.
Personal Customers
Customer details
We’ll ask you to provide at least the following information:
Change of name
If your legal name has changed, we’ll ask you to provide proof of change of name. Acceptable documents include:
Additional information
Additional information that will be required includes:
- Sources of wealth, for example, an inheritance, sale of a property or investments.
- Sources of funds – the origin of funds being invested, deposited or transferred, in particular when it involves a cash deposit or a third-party deposit.
- Nature and purpose of your relationship with us.
- Identification information for verification purposes.
Business customers
Business details
We’ll ask you to provide at least the following information:
Business particulars
We’ll require information related to business structure, revenue and directorship and partners, including:
Additional information
Additional information that will be required includes:
- Sources of wealth including business profits, matured investments, sale of assets. It also includes sources of wealth for beneficial owners.
- Sources of funds – the origin of the funds being invested, deposited or transferred, in particular when it involves cash deposits. Examples may include business income/earnings or commission payments.
- Nature and purpose of relationship with us.
Help and support Talk to a customer due diligence specialist
If you need to update your information or would like to know more you can:
Call us within Australia
Monday to Friday, 8:00am to 6:00pm (AEST/AEDT), Saturday 9:00am to 2:00pm (AEST/AEDT) for Australia and Overseas callers.
Call us from overseas
Monday to Friday, 8:00am to 6:00pm (AEST/AEDT), Saturday 9:00am to 2:00pm (AEST/AEDT) for Australia and Overseas callers.
Visit a branch
Talk to a NAB banker in a branch.
Important information
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