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Why is Know Your Customer important?
Know Your Customer (KYC) is the process that helps us identify you and keep your details current and accurate.
Maintaining accurate customer information helps us protect you and reduces the risk of fraud and financial crime. It’s an important part of the way we manage risks like money laundering, and helps us comply with relevant financial and counter-terrorism financing laws.
Because it’s so crucial to keeping your accounts secure, if you don’t update your details in time when we ask you to, we might need to restrict your access to digital banking services until you do.
You can learn more about KYC at AUSTRAC.
How do you keep my details up to date?
From time to time we’ll contact you to ask you to check and update your personal or business details. We may reach out to you email, phone calls, SMS, or internet banking to request you provide appropriate documentation or details.
I’ve been contacted to update my details. How do I know it’s not a scam?
First: well done on being scam-aware. While it’s really important to carefully consider any unsolicited contact asking for your details, as part of KYC occasionally we’ll call you or contact you by email to ask you to update your details in the Bank Australia app or internet banking.
You can keep your accounts secure by navigating directly to internet banking in your browser, or using our app. We won’t send a link to then log into your account when we contact you asking you to update your details. That’s a scam red flag. You can also call us on 132888 if you’re not sure whether a request to update your details is genuine.
Which of my personal details need to be confirmed?
You will need to provide us with your up to date personal details. These include:
- your full name including any middle names and any other names you’re known by
- date of birth
- current residential address
- occupation (optional).
How do I confirm these details?
To update your address, or occupation via your internet banking, go to 'Settings' > 'Address details' or ‘Work details’ . Here you can select to update your addresses, both residential and mailing or add details of your employer.
To verify your personal details such as name or date of birth, we may need a copy of your ID. Accepted primary photo identification documents include a driver's license, photo ID card issued by a State or Territory, or current passport (or one expired within the last 2 years).
For information on how to provide copies of your identification please give us a call on 132 888 and ask to speak with our financial intelligence team who can give you more information on the process. To update your address, or occupation via your internet banking, go to 'Settings' > 'Address details' or ‘Work details’ . Here you can select to update your addresses, both residential and mailing or add details of your employer.
What happens if I don’t confirm my details?
Even if your details haven’t changed, it's important to confirm them when we ask you to. If you don’t, we may need to restrict access to your banking until you do.
We’ll only take this step if we’ve not been able to contact you or confirm the information required. We’ll tell you the date by which you’ll need to provide your details, and give you notice before we apply any restrictions.
If we’ve had to restrict your access to banking services, once you update your details as needed we’ll be able to remove the restriction.
Why do I need to update my details?
We need to keep your personal or business details up to date to help us identify and prevent any fraudulent activity on your accounts. It’s also part of our regulatory obligations as a financial institution in Australia. You can learn more about KYC at AUSTRAC.
How do you manage and protect my personal information?
We take managing and protecting your personal information seriously. You can also view our privacy policy, and it’s available in hard copy at any Bank Australia branch.
How do you manage and protect my personal information?
We take managing and protecting your personal information seriously. You can also view our privacy policy, and it’s available in hard copy at any Bank Australia branch.
