Anti-Money Laundering

Frequently asked questions

• What is money laundering?

  The objective of money laundering is to make money derived from criminal activity appear to be legitimate and more difficult to trace.

• What is the financing of terrorism?

  This is where the origin of legitimate funds is disguised to provide financial support to terrorists.

• How does the Act affect me?

  The Act requires us to collect additional information from you and anyone acting on your behalf, to verify your identity and address. You may need to show us an original or ‘certified copies’ of identity documents such as your passport, birth certificate or driver’s licence, along with a document that confirms your address – such as a recent utility bill.

• I’m already a customer of TSB, will I notice anything different?

  The Act applies to both new and existing customers, so we may require extra information from you even if you have been with TSB for some time. We may also need to ask for additional information if your account activity changes over time and ask how you are using your accounts.

• When will I be required to supply the additional information?

  You may need to provide us with additional information when opening a new bank account, when sending, receiving or transferring funds, if there’s a change in your account activity, change your personal details or change the way you bank with us (e.g. you start trading as a business).

• Why do I need to prove my address?

  Under the Act, all financial institutions, law firms and real estate agents are required to verify their customer’s physical address. 

• Why does the bank require my country of residency and citizenship?

  Under the Act, we are required to gather additional information about all our customers; this includes information regarding country of residency and citizenship.

• Why do I need to provide information about my income or funds deposited to my accounts?

  In some circumstances the Act may require us to ask where funds have come from and for what reason they are to be used.

• Why do you require my occupation information?

  Under the Act, we are required to collect occupation information to build a profile on our customers and how they use their accounts

• What identification will I be required to provide?

  Any ID form you choose to present must be current and valid. At least one form of your ID documents must contain your photo. In some instances, two forms of ID will be required. If you are unable to visit us to provide identification, we will require a ‘certified’ copy of your identification.
  
  Find out more about ID required for Personal accounts
  Find out more about ID required for Trust accounts

• How do I ‘certify’ my identification?

  If we aren’t meeting you in person we will require a ‘certified’ copy of your identification instead. A ‘certified’ copy is a document which has been witnessed by recognised ‘certified signatory’ in the last 3 months. This requires a written statement on the document itself confirming it is a true copy of the original and represents the identity of the named individual. Along with this statement, they’ll need to write their name, occupation, signature and the date of signing.

• Who is recognised as a ‘certified signatory’?

  Choose from any of the following certified signatories:

  • Justice of the Peace
  • Chartered Accountant
  • Notary Public
  • Lawyer/Solicitor
  • Commonwealth Representative
  • Member of Parliament

  Your certified signatory may not be related to, or live with you.

• Why do you require information about Trustees, directors or shareholder who will have no access to the account?

  Under the act, all financial institutions are now required to identify individuals with ‘effective control’ of an entity (e.g. Trust, Partnership or Company) or beneficial ownership of an entity, even when those people have no access to the accounts.