Why does NAB undertake customer due diligence?

We are required by law to perform customer due diligence so we know our customers. By undertaking customer due diligence we’re helping to safeguard our customers and our communities. Gathering information about our customers and confirming their identify helps to reduce the risk of our products and services being misused to commit financial crimes such as money laundering and terrorism financing.

Completing customer diligence is more than a regulatory commitment we must meet; it’s also part of our corporate responsibility and helps to safeguard the financial system.

Understanding customer due diligence

Customer due diligence is a necessary step in our verification process which enables us to uphold the highest standards of security in banking. To learn more about customer due diligence, we have prepared a guide of frequently asked questions. 

View customer due diligence FAQ guide

You can find more general information about the customer identification and verification requirements that banks and other regulated bodies must follow by visiting the AUSTRAC website, opens in new window.

How this impacts you

If you’re a new customer, you’ll need to provide information to help us understand the purpose and intended nature of your relationship with us. This includes proving your identity and helping us understand where your funds and wealth come from.

We also require similar information about your beneficial owners or controllers.

If you’re an existing customer, from time to time, we’ll confirm that the information we hold about you is still complete and correct. If your information has changed, please let us know as soon as you can, so we can update our records.

Information you'll need to provide

Depending on whether you’re a personal banking customer or business banking customer, we’re required to collect and verify a variety of identifying and proof of income documents from you.

Personal Customers

Customer details

We’ll ask you to provide at least the following information:

  • Full name 

  • Residential address (post office boxes are not accepted)

  • Correspondence address (if different to residential address)

  • Date of birth

  • Occupation

  • Country(ies) of citizenship

Change of name

If your legal name has changed, we’ll ask you to provide proof of change of name. Acceptable documents include:

  • Birth certificate

  • Change of name certificate

  • Marriage certificate

Additional information

Additional information that will be required includes:

  • Sources of wealth, for example, an inheritance, sale of a property or investments.
  • Sources of funds – the origin of funds being invested, deposited or transferred, in particular when it involves a cash deposit or a third-party deposit.
  • Nature and purpose of your relationship with us.
  • Identification information for verification purposes.

Business customers

Business details

We’ll ask you to provide at least the following information:

  • Full legal name and entity type

  • Full business name (if different)

  • Date of registration and full registered address

  • ABN/ACN (where applicable)

  • ASIC Registration Status

Business particulars

We’ll require information related to business structure, revenue and directorship and partners, including:

  • The nature of your business/industry

  • Details of relevant parties (directors, trustees, partners etc.)

  • Beneficial owners, including their full name, residential address, and date of birth and related identification documents.

Additional information

Additional information that will be required includes:

  • Sources of wealth including business profits, matured investments, sale of assets. It also includes sources of wealth for beneficial owners.
  • Sources of funds – the origin of the funds being invested, deposited or transferred, in particular when it involves cash deposits. Examples may include business income/earnings or commission payments.
  • Nature and purpose of relationship with us.

Help and support Talk to a customer due diligence specialist

If you need to update your information or would like to know more you can:

Call us within Australia

Monday to Friday, 8:00am to 6:00pm (AEST/AEDT), Saturday 9:00am to 2:00pm (AEST/AEDT) for Australia and Overseas callers.

1300 051 075

1300 748 176

Call us from overseas

Monday to Friday, 8:00am to 6:00pm (AEST/AEDT), Saturday 9:00am to 2:00pm (AEST/AEDT) for Australia and Overseas callers.

+61 3 8903 9918

+61 3 8903 9929

Visit a branch

Talk to a NAB banker in a branch.

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