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.
FAQ translations
How this impacts you
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
Customer due diligence
We may ask you to provide the following information:
Change of name
If your legal name has changed, you’ll need to provide proof of a change of name. Acceptable documents include:
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
Business details
We may ask you to provide the following information:
Business particulars
We may require information related to business structure, revenue and directorship and partners, including:
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.
Help and support
Talk to a customer due diligence specialist
If you need to update your infomation or would like to know more you can:
Call us within Australia
Monday to Friday, 8:00am to 6:00pm (AEST/AEDT).
Call us from overseas
Monday to Friday, 8:00am to 6:00pm (AEST/AEDT).
Visit a branch
Talk to a NAB banker in a branch.
Important information
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