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.

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 the 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

Personal Customers

We may ask you to provide the following information:

  • full name
  • residential address
  • date of birth
  • occupation.

If your legal name has changed, you’ll need to provide proof of change of name. Acceptable documents include:

  • birth certificate
  • change of name certificate
  • marriage certificate.

Additional information that may be also 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

We may ask you to provide the following information:

  • legal name of organisation
  • registered address
  • ABN / ACN (where applicable)
  • nature of business
  • details of relevant parties (Directors, Trustees, Partners etc)
  • beneficial owners including their full name, residential address and DOB.

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 a cash deposits. Examples may include business income / earnings or commission payments.

Get in touch with our Customer Due Diligence Team

If you need to update your information or would like to know more give us a call.