Customer due diligence

Why does NAB undertake customer due diligence?

Fighting money laundering and terrorism financing is important at NAB. Not only is it a regulatory commitment we need to meet, but it’s part of our corporate responsibility. 

Through our customer due diligence process, we’re helping to safeguard our community and protect those affected by financial crime.

Understanding customer due diligence

Customer due diligence is a necessary step in NAB’s verification process which enables us to uphold the highest standards of security in banking. To learn more about customer due diligence, we’re prepared a guide of frequently asked questions and answers. Translated guides will also be available in 10 languages other than English.

If you’re a new customer, you may need to provide information to help us understand the purpose and intended nature of how you hope to bank with us. This includes proving your identity and helping us understand where your funds and wealth come from.

We may also require similar information about any beneficial owners or controllers that may apply in your circumstances.

If you’re an existing customer, periodically we’ll need to confirm that the information we hold about you is still correct. If your information changes, we’ll need to update it.

Information you'll need to provide

Depending on whether you’re a personal banking customer or business banking customer, you may need to provide a variety of identifying and proof of income documents.

Personal Customers

Additional information that may also be required:

• Sources of wealth such as an inheritance, sale of a property or investments to list a few.
• Sources of funds – the origin of the funds being invested, deposited or transferred, in particular when it involves a cash deposit or a third-party deposit.

Business customers

Additional information that may also be required:

• 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.