Anti-money laundering and counter-terrorism financing

 At CBA, we’re committed to meeting our regulatory obligations in identifying, mitigating and managing money laundering and terrorism financing risk.  We seek to protect our customers, employees and community from money laundering and terrorism financing activities, and recognise that we play a critical role in this regard.

We continue to invest significantly in our anti-money laundering and counter-terrorism financing (AML/CTF) compliance program. Recent projects have included upgrading and enhancing AML/CTF technology, updating AML/CTF policies and process documentation, investing in further resourcing and strengthening the training of our personnel.

AML/CTF Program

CBA maintains an  Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Program to meet its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules.

The AML/CTF Program helps us identify, assess and manage the risks of money laundering, terrorism financing and proliferation financing that may arise through providing our products and services.

The AML/CTF program comprises of a range of measures such as risk assessments, policies, procedures, systems and controls that support effective governance, customer due diligence, transaction monitoring and reporting of suspicious activity.

CBA’s AML/CTF Program applies across relevant parts of our business, including offshore branches and subsidiaries in so far as the Act applies. Where we operate internationally, other policies may apply to meet local regulatory obligations. 

AML/CTF Disclosure

View the Group's USA Patriot Act Certification (PDF)

U.S. Procedures for new account openings or establishing a new customer relationship for Commonwealth Bank of Australia or Commonwealth Australia Securities LLC located in the USA mandated by the USA PATRIOT Act and the FinCEN CDD Rule

To help the U.S. Government fight the funding of terrorism and money laundering activities, U.S. Federal law requires all U.S. financial institutions to obtain, verify, and record information that identifies each person and each legal entity that opens an account or establishes a customer relationship. Federal law also requires all U.S. financial institutions to obtain, verify, and record information that identifies the beneficial owners of a legal entity that opens an account or establishes a customer relationship.

What this means for you: When you or your business entity opens an account or establishes a new customer relationship with Commonwealth Bank of Australia or Commonwealth Australia Securities in the USA, we will request information and supporting documents which will allow us to identify you. We will ask for your name, address, date of birth and other identification information as applicable.  If you are opening an account on behalf of a business entity, we will also ask for the names, addresses, dates of birth and other identification information for the beneficial owners who own and/or control the business entity. Documents relating to the business entity’s formation, existence and authority also may be requested. We will use this information to verify your identity and, where applicable, the identity of your business entity’s beneficial owners.

As appropriate, we may, in our discretion, ask for additional documentation or information. If all required documentation or information is not provided, we may be unable to open an account or establish a customer relationship with you.

In addition to the above CIP notice, we are also required to advise any new foreign bank customer of Commonwealth Bank of Australia or Commonwealth Australia Securities LLC located in the USA that pursuant to U.S. regulations issued under Section 311 of the USA PATRIOT ACT, Section 9714(a) of the Combating Russian Money Laundering Act, and Section 2313a of the FEND Off Fentanyl Act; we are prohibited from opening or maintaining a relationship for, or on behalf of any of the following banks, including all of their branches, agencies and subsidiaries, financial institutions and jurisdictions, and/or transmitting funds on behalf of the below:

• Al-Huda Bank;
• Bank of Dandong;
• Bitzlato Limited (Bitzlato);
• Burma;
• CIBanco S.A., Institution de Banca Multiple (CIBanco);
• Commercial Bank of Syria (including Syrian Lebanese Commercial Bank);
• Democratic People’s Republic of Korea;
• FBME Bank Ltd. (including all branches, offices and subsidiaries of FBME Bank Ltd operating in any jurisdiction);
• Halawi Exchange Co. (including all branches, offices and subsidiaries of Halawi Exchange Co. operating in Lebanon or any other jurisdictions);
• Huione Group (including Huione Crypto Spółka Z Ograniczoną Odpowiedzialnością (d/b/a Huione Crypto, Haowang Guarantee also known as Huione Guarantee, and Huione Pay PLC);
• Institución de Banca Multiple (Intercam);
• Islamic Republic of Iran;
• Kassem Rmeiti & Co. For Exchange (including all branches, offices and subsidiaries of Kassem Rmeiti & Co. For Exchange operating in any jurisdiction, including the Rmaiti Group SAL in Lebanon and Societe Rmaiti SARL (STE Rmeiti) located in Benin;
• PM2BTC (a CVC exchanger comprised of a collection of the services PM2BTC.ME, BTC2PM.ME, PM2CASHIN.ME, BTC2CASHIN.ME, PM2WM.ME, and BTC2WM.ME, to mean all subsidiaries, branches, and offices of PM2BTC operating in any jurisdiction, as well as any successor entity); and
• Vector Casa de Bolsa, S.A. de C.V. (Vector).

The regulations also require us to notify you that our financial institution may not be used to provide above referenced banks with access to our financial institution and we will be required to take appropriate steps to prevent such access, including terminating our relationship.

If you have any further questions, please speak to your Commonwealth Bank representative.