A number of serious crimes drive money laundering activity around the world.
These include drug trafficking, fraud, robbery, illegal prostitution and gambling, arms trafficking, bribery and corruption. Criminals use a range of methods and levels of sophistication to make money obtained from their criminal activities appear legitimate.
Terrorist groups also move funds to disguise their source, purpose and destination. Terrorism financing includes funding terrorist acts and organisations. The law requires a greater level of customer due diligence from banks. There are three combinations of ID you can provide, plus proof of where you live such as a telephone or power bill. Together with a form of photographic identification.
Where a bank has any suspicions about the customer receiving the deposit, the nature of the deposit, or account activity, banks will need to get more information, including the source of the funds. In the case of money transfers from anti-money laundering compliant countries, that information should be attached to the transfer. Where this information is not attached to the transfer, the bank must satisfy itself the transfer is legitimate.
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The bank also needs to be sure of the identity of the customer before releasing the money to them. Under the regulations referred to in d , the government also requires banks to get the name and account number or a unique transaction reference for the recipient. This is a conservative estimate. Implementation costs include:.
This cost does not include the ongoing costs of maintaining these new systems and dedicated teams. Ongoing costs per annum are estimated to be 10 per cent of the implementation costs.
What is a BSB code? How to get one and where to find it.
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Slow to Act. Slow to Learn. Use our handy checklist to see which documents we accept. One item from the non-photographic documents listed above AND one from the following list a total of two items :. The documents you take into your nearest branch need to include your full name and either your residential address, or your date of birth. Original documents must be presented or certified copies can be provided with application forms if applicable.
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Read more about the certified copies process including who can certify copies for our in-branch ID check. You must provide us with a Change of Name certificate issued by the Registry of Births, Deaths and Marriages if your name is different or has changed. This article is intended to provide general information of an educational nature only.
It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Australian credit licence Open Menu. CommBank Search. Dialog start. Search CommBank. Start typing….