What is Know your customer?
Know your customer (KYC) is a regulatory requirement under the Anti-Money Laundering and Counter Terrorism Financing Act 2006. The purpose of this Federal legislation is to identify, disrupt and counter money laundering and terrorism financing.
Why we ask for your details
Every bank is required to routinely update and re-verify the personal information they have about their Members under the Anti-Money Laundering and Counter Terrorism Financing Act. We do this for two reasons:
- To ensure we have accurate and up to date personal information about our Members.
- To comply with our regulatory obligations.
What to do if you’ve been contacted
If you have Internet Banking, we will contact you by secure message advising you we need to re-verify your identity. We will then follow up either by email, letter or SMS. As part of the re-verification you may need to provide ID documents such as a valid Australian Driver Licence or passport.
There are a few ways you can verify your identity.
Electronically - We have partnered with GreenID - Australia’s largest identity verification provider so you can securely share your identification documents with us electronically.
In Person - You can visit your closest branch
Mail - You can download the Certify Identity form from our website. Follow the instructions and checklist on page 3, then return it to us by mail.
Even if your details haven’t changed, we are required to confirm the personal information we have is accurate and up to date.
