Before you can open or become a signatory to a personal or business account, we will need proof of your identity and information concerning your tax status. The Anti-Money Laundering & Counter Terrorism Financing Act 2006 (AML/CTF Act), Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) were introduced by the Australian Government to assist in the detection of criminal activity and tax evasion. NAB must comply with these Acts and therefore, we require you to show us 100 points of identification and answer some questions on your tax status before you can open your first personal or business account, become a signatory to an existing personal or business account or apply for a safe custody service with NAB.
If you're an existing customer with NAB (or a signatory to a NAB account) you'll automatically qualify for 100 points upon confirmation that relevant information is held.
However, we may ask you questions about your tax status if we believe you're a foreign tax resident or when you open a new account. And to support our compliance with the AML/CTF Act, you may be asked questions to confirm your details.
For new NAB customers or signatories who carry identification such as a driver's licence or social security card, only a few other forms of identification are required to qualify for the 100 points.
Incorporated bodies (e.g. private companies) can nominate a verifying officer who may certify signatories to any accounts opened by the body. Although the verifying officer must be identified in accordance with normal requirements, certified signatories do not require further identification by NAB.
Special identification provisions also apply to Aboriginal and Torres Strait Islander people and recent arrivals in Australia. You may wish to visit your nearest NAB branch or contact us directly for further details.
To meet FATCA requirements, if you're an individual opening an account and are a U.S. citizen or U.S. tax resident, you'll be asked to provide your Taxpayer Identification Number (TIN) or Social Security Number. To meet CRS requirements, if you're an individual opening an account and are a tax resident of any other country other than the U.S. or Australia, you'll be asked to provide your foreign Taxpayer Information Number (TIN) or an exemption status. An exemption status, depending on the country, may mean that the country does not issue a TIN.
New business customers
To open an account in the name of a company or incorporated body, a business or an association, NAB will require additional documentation from you. The additional documentation is:
- for a company or incorporated body - a copy of the certificate of incorporation
- for a business - a copy of the certificate of registration of the business name or application for the same
- for an association (unincorporated) - a copy of the document authorising signatories to sign for the association
- for a trust - a copy of all documents creating the trust, including the trust deed.
If the business is incorporated in the U.S. you'll be asked to provide your Employer Identification Number (EIN). Business customers who are non-U.S. financial institutions will also need to provide their Global Intermediary Identification Number (GIIN) or other FATCA exemption status. If the business has any controlling persons who are U.S citizens or U.S. tax residents, you may be asked to provide their Taxpayer Identification Number (TIN) or Social Security Number.
If the business is registered in a foreign country other than U.S or Australia for tax purposes, you'll be asked to provide your Taxpayer Information Number (TIN) or an exemption status. If the business has any controlling persons who are tax residents outside of Australia and the U.S., you may also be asked to provide their Taxpayer Identification Number (TIN) or Social Security Number.