Introduction and Scope
Greater Bank ABN 88087651956 (Greater Bank) is required by law to comply with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (AML/CTF Act), and the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007 (AML/CTF Rules); together known as Australia’s AML/CTF legislation.
The AML/CTF legislation is regulated by the Australian Transactions Reports and Analysis Centre (AUSTRAC), and has been introduced to align Australia with international standards on the prevention, detection and reporting of money laundering and terrorism financing. Greater Bank’s obligations under the AML/CTF legislation extend to appropriate staff training and ensuring key processes and systems are in place to identify, manage and mitigate money laundering and terrorism financing risk.
Why we need to identify you
As with any financial institution, there is a risk of financial products and services being used to launder money and finance terrorism. By making the financial system more transparent and secure, Greater Bank is helping to prevent people from using the financial system for tax evasion, money laundering and terrorism financing.
Greater Bank identifies its customers according to the requirements of the AML/CTF Act and AML/CTF Rules.We will do everything we can to make these requirements as smooth as possible for our customers.
How do we identify you?
Under the AML/CTF Act and AML/CTF Rules, Greater Bank will collect information and certain documents from you to confirm who you are before we provide you with any designated product or service, or make you an authorised signatory to a designated product or service. Sometimes we may require you to provide us with further information and/or documentation, depending on the products and services you are applying for.
How we collect your information
When opening a new account, we will collect personal information, including identifying information and information about your financial position, directly from you.
When you apply for a loan, your personal information will come directly from you through your application and we may also collect your personal information (including credit-related information) from third parties, such as any referees that you provide, your employer, other credit providers and third party service providers (including credit reporting bodies) in accordance with our Privacy and Credit Reporting Policy.
In addition to the collection of information when seeking a designated product or service, to meet our regulatory obligations, from time to time we may need to update our customer’s details or seek additional forms of identification documents from you and/or further details about you.
What if you do not wish to provide us with information?
If you do not provide us with the information we require, we may not be able to provide you with the financial product or service you have applied for. Where we subsequently request further information and you are unable or unwilling to provide the information requested, we may be unable to continue to provide you with your product or service.