What is a trust?

A trust is a legal arrangement whereby a person (a trustee) holds property or assets on behalf of another person (a beneficiary). 

Why do we need this information?

It’s important to be prepared if you’re planning to run your business as a trust. Our checklist contains all the information we require to establish you as a customer and complete your business application. Further information may be collected from you to support the establishment process, if required.

All clients applying for a new business account as a trust must complete the identification procedures for the purposes of Anti-Money Laundering and Counter Terrorism Financing laws. 

Please note that each signatory operating on the account as well as all Beneficial Owners will need to provide identification documents as per the individual checklist unless they are existing NAB customers. As part of our ongoing due diligence, individuals who are existing NAB customers since 12 December 2007 may be asked to provide ID documents again.

Information required

  • Full name of the trust (if any)

  • Full business name (if any) of the trustee in respect of the trust (which includes any trading names)

  • Full business name as registered with ASIC, if applicable

  • Type of trust

  • Government issued identification number, if any

  • ABN or ARSN (Australian Registered Scheme Number), if any

  • Country in which the trust was established

  • Date the trust was established

  • The nature and purpose of your intended banking relationship with NAB

  • Your wealth – the activities that have contributed to your wealth to date and which countries did it originate from

  • Nature of business or industry – all activities of the business

  • Full name, residential address, date of birth, and foreign tax status (if any), of all trustees (individual)

  • If any individuals are a citizen or resident of any foreign country for tax purposes, provide Tax Identification Number (TIN)

  • Principal place of business address and mailing address if different to your principal place of business address

  • The full name of each beneficiary in respect of the trust, or if the terms of the trust identify the beneficiaries by reference to a membership of a class then provide details of the class

  • Foreign Account Tax Compliance Act (FATCA) / Common Reporting Standard (CRS) information of the trust

  • Any signatories

  • The full name of the settlor of the trust

  • Any joint account holders

  • Any agent or verifying officer (VO) of the customer

If the trustee is a company

Documents required

  • Full copy of the Trust Deed including any Amending Deeds

  • Where the trust is created by a Trust Deed, the original, or a copy or extract of the Trust Deed; or

  • Where the trust is created by an instrument (other than a Trust Deed), the original, or a certified copy or certified extract, of the instrument creating the trust; or

  • Where the trust is created by statute, a copy of the relevant current legislation as obtained from the official government source

Next steps

  • Organise all required individuals to provide identification documents at a NAB branch or their banker. Where we have your consent, we may be able to verify your identity electronically.

  • Arrange a time to complete the onboarding process with your banker.

  • Provide or email information and relevant documents to your banker.

Trust checklist (PDF, 116KB), opens in new window

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