Keep your account secure by keeping your details up-to-date

Question: Why have I received this message?

Answer: We’ve noticed your personal information is either incomplete, incorrect or expired, and we need you to confirm these details as part of our regulatory obligations.

These obligations are known as ‘Know Your Customer’, and are covered under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

Question: Which of my personal details need to be updated and why?

Answer: The information we request will vary depending on our review of your records. Below are some examples of the personal information we may need you to update and/or verify:

• your full name and other names known by (if any)
• residential address
• date of birth
• occupation and employer
• source of funds and source of wealth

We have sent you a letter and/or email which outlines the specific information you need to provide, along with instructions on what you need to do. If you require more details and support, our KYC Collect team will be able to assist you over the phone on 1300 103 907. We need you to provide this information to meet our ‘Know You Customer’ regulatory obligations covered under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Re-confirming your personal details also helps to ensure the completeness and accuracy of our records, and will help to ensure your account/s remain active and secure.

We may also use the personal information you provide to:

• contact you, for example, when we need to tell you something important;
• comply with laws, and assist government or law enforcement agencies; and
• let you know about products and services you might be interested in (you can opt out of marketing communications through NetBank, or by calling us on 13 2221).

Question: What is Source of Funds?

• Answer: Source of Funds relates to the activity that generated the funds used for the purpose of funding your accounts with the Bank. Funds may originate from a range of sources, including but not limited to:
• the purchase and/or sale of asset(s)
• income from business activities
• regular salary payments/employment income
• receipt of pension payments

Question: What is Source of Wealth?

• Answer: If you are asked about your Source of Wealth, please note that this is not the same as Source of Funds. Source of Wealth includes both your initial and ongoing source of income and assets. It relates to the origination of your wealth, not just the portion that is invested with the Bank. Wealth may originate from a range of sources including, but not limited to:
• ownership of property holdings
• ownership of a business
• inheritance from a family member

Question:  What happens if I don’t update my details?

Answer: If you don’t update your personal details, we may be required to restrict access to your account/s until you do. We’ll do our best to notify you by what date you need to provide your details, and to provide 30 days’ notice before any restriction/s is applied.

Question: What does it mean if you restrict my account?

If your account is restricted, you won’t be able to withdraw funds from your account/s. It will also stop all your automated funds transfers and scheduled payments, such as direct debits.

This will also affect any joint account holder’s ability to use and access the account/s. We’ll try our best to contact any impacted joint account holders to let them know before we apply any restrictions. The restrictions on your account/s will only be lifted once we’ve updated all of your personal details.

Question:  How can I manage my automatic payments while my account is restricted?

Answer: To avoid missing any scheduled transactions, direct debits or regular payments while your account is restricted, you’ll need to make other arrangements until we have your updated personal details and your account is reactivated.

You can view and change your scheduled transfers if you do your banking online:

• in the CommBank app – simply go to ‘Bills and upcoming payments’ to get started; or 
• in NetBank – simply go to ‘Transfers & BPAY’ and select ‘Scheduled transfers/BPAY’.

If you’ve organised a direct debit or regular payment with a merchant, you’ll need to contact them to arrange another payment option. If you’re not sure how, we’re here to help – you can contact us on 13 2221 or visit us at your nearest branch.

Question:  Can I update my details over the phone or online?

Answer: We need to see your original ID documents or certified copies of original ID documents, so you’ll need to either visit a branch with your original documents, or mail your certified copies.

Question:  How often do I have to do this?

Answer: You’ll need to update your personal details with us whenever they change. We’ll also need to confirm your personal information from time to time as part of our regulatory obligations to ensure your details are complete, current and accurate.

Question: Who do you share my personal information with?

Answer: We may share your personal information with other members of the Commonwealth Bank Group (as described in the Bank’s Privacy Policy), and with third parties, for the reasons already outlined or where the law otherwise allows or requires.  These third parties can include:

• joint account holders
• brokers, advisers and people who act on your behalf;
• service providers, such as product distributors;
• businesses who do some of our work for us, including direct marketing and IT support;
• other financial institutions (such as banks), auditors, insurers and re-insurers; and
• government and law enforcement agencies or regulators.

Sometimes, we might need to send your information overseas, for example:

• where we outsource particular functions;
• to overseas businesses in our Group;
• if we need to complete a transaction for you;
• to comply with laws, and assist government and law enforcement agencies or regulators. 

Question: How do I learn more about how you treat my personal information?

Answer: Visit our privacy page for our privacy policy, or ask for a copy at any branch. The policy covers:

• other ways and reasons we may collect, use or share your personal information;
• how to access your personal information and correct it if it’s wrong;
• how to make a privacy-related complaint (including about our compliance with the Australian Privacy Principles) and how we’ll deal with it; and 
• how you can contact us.