Criminals use financial institutions to conceal their illegitimate funds with the aim of making ‘dirty money’ clean, this is known as money laundering. Terrorism financing is the financial support of terrorism or of those who encourage, plan, or engage in terrorist activities.
As a division of the Commonwealth Bank Group, Bankwest complies with the Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) Group Policy. Money laundering and terrorism financing (ML/TF) risk refers to the likelihood and impact of the Commonwealth Bank Group (the Group) being involved with or facilitating this unlawful activity.
The Group is committed to:
The Group is intent on satisfying its local regulatory and international obligations in a sustainable manner.
The Anti-Money Laundering and Counter-Terrorism Financing rules (AML/CTF) have been strengthened. To meet these obligations, Bankwest will be making changes to its systems and processes to ensure we can prevent our products and services from being used to hide the proceeds of crime or finance terrorism. These changes will mainly affect Companies, Trusts, Partnerships and Associations.
If you are a new customer you may need to provide extra information and documents proving your identity when you open a new account with us. We will also need to gather and verify information relating to any Beneficial Owners by virtue of ownership or control (Key Decision Makers). For Trusts we may need additional information relating to the Settlor, Trustees and Appointor. Certain information given may also need to be verified even if the individuals are not signatories on the account.
If you are an existing customer you may need to periodically confirm that the information we hold about you, including for any Beneficial Owners, Key Decision Makers and Trustees, is up to date. We may also need to contact you to update our records with any additional information we are now required to capture.
The Anti-Money Laundering (AML) / Counter-Terrorism Financing (CTF) Group Policy determines the principles that all CBA Group entities must adhere to in their identification, treatment and management of money laundering and terrorism financing risk. The Group must comply with the AML/CTF laws in a number of different countries in which it operates due to the geographic reach of its activities and operations. All Group entities are required to comply with the policy principles irrespective of their geographic location. Where the laws of a particular jurisdiction are of a higher standard, then the higher standard must be applied.
Our policy provides key principles that all the Group’s entities must adhere to in their identification, treatment and management of money laundering and terrorism financing risk.
Our policy provides key principles that all the Group’s entities must adhere to in their identification.
If you have any questions regarding the Group's Anti Money Laundering or Counter-Terrorism Policy call us on 13 17 19.
If you're new customer to Bankwest we'll need to confirm your identity by completing a customer identification check before we can open your account