Why do we ask for your details?

  • From time to time we’ll reach out to you to confirm your personal and/or business details as part of our ‘Know Your Customer’ (KYC) requirements under Anti-Money Laundering Law.

    Even if your details haven’t changed, it is important to confirm your details by the time we ask for them, otherwise we may need to restrict access to your banking until you do.

    You can confirm your details securely in NetBank or the CommBank app. You may also need to provide ID to re-verify your identity, so please have more than one of the following handy:

    • Australian Driver Licence;
    • Medicare Card;
    • Passport;
    • Australian Birth Certificate.

FAQs

  • I’ve received an email or SMS asking me to update my details. How do I know it’s genuine?

    We’ll contact you via email, SMS, NetBank and the CommBank app, and ask you to confirm your details securely in NetBank or the CommBank app, which helps protect your personal information.  To be safe, always navigate directly to NetBank yourself and log on from the site you know to be genuine. Find out more here.

  • I’ve been contacted to update my details. Why do I need to do this?

    You may have received an email from us asking you to confirm your details are correct and up-to-date. Having up-to-date information helps us keep your accounts safe and protected from the risk of fraud. It also helps to make sure we can best manage your account in line with the requirements under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. Such laws are designed to protect our community from criminal activities on customer accounts.

     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).
  • How often do I have to do this?

    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 ongoing regulatory obligations to ensure your details are complete, current and accurate.

  • Which of my personal and/or business details need to be confirmed?

    You’ll need to confirm your full name, other names known by (if any), residential address, date of birth, occupation, tax and citizenship information. 

    If you have a business banking product with us, you’ll need to confirm your business name and entity details, business address, and industry information.

  • Why do I need to update my tax and citizenship details?

    The Australian Government has committed to a global standard on the automatic exchange of financial account information. This requires financial institutions from around the world, including the Commonwealth Bank group, to collect tax residency information from their customers. This is known as the Common Reporting Standard (CRS) and follows on from the Foreign Account Tax Compliance Act (FATCA). This standard requires tax residency information to be captured when an account is opened, and to let us know if this changes to ensure tax residency details are correct and up to date.

    Information reported by financial institutions to the ATO will be exchanged with other tax authorities to help make sure everyone pays the right amount of tax. The collection and sharing of foreign tax information will be done in accordance with our Privacy Policy, and we’ll only share information required to meet our statutory obligations.

  • How do I update my tax residency details?

    When we ask you to confirm your personal details, there will be a few tax and citizenship questions for you to answer. Otherwise at any time you can update your tax residency details in NetBank, by messaging us or by visiting any of our branches. You may need to have a foreign Tax Identification Number/s (TIN) handy, depending on the country/countries of tax residency. If you certify that Australia is your only country of tax residency, providing your Australian Tax File Number (TFN) is optional. However, if you don’t provide a TFN, withholding tax may apply on any interest paid.

  • What happens if I don’t confirm my details?

    If you don’t update your personal details, we may need to restrict access to your digital banking until you do. We’ll let you know about this at least 30 days before any restrictions would apply. Please ensure we have updated contact details so we can reach you with this important message.

  • What does it mean if you restrict my digital banking?

    If your digital banking is restricted, you won’t be able to use NetBank and the CommBank app. Specifically, the restriction would affect:

    • Your ability to view your account/s,
    • Your ability to view or change scheduled transactions, direct debits or regular payments, and
    • Your ability to transfer funds between account/s.
  • How can I manage my automatic payments while my digital banking is restricted?

    As long as there are enough funds to cover the automatic payment/s, then these will still continue as scheduled. If you need to manually transfer funds between accounts to meet an automatic payment then you can do this by calling us on 13 2221, or visiting any CommBank branch.

  • How can I access cash while my digital banking is restricted?

    As long as there are enough funds in your account/s, you’ll still be able to use your credit and debit cards and all digital wallet types (Android, Samsung, Fitbit, Garmin and ApplePay) to access funds. If you need to manually transfer funds between accounts to access your funds, you can do this by calling us on 13 2221, or visiting any CommBank branch.

    Find your nearest branch.

  • Who do you share my personal information with?

    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.

    If you’re a foreign tax resident, we’ll disclose your tax residency information (including any Tax Identification Number) to the Australian Taxation Office. This information will be exchanged with other tax authorities to help make sure everyone pays the right amount of tax. 

    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. 
  • How do I learn more about how you treat my personal information?

    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.