•  At CBA, we’re committed to meeting our regulatory obligations in identifying, mitigating and managing money laundering and terrorism financing risk.  We seek to protect our customers, employees and community from money laundering and terrorism financing activities, and recognise that we play a critical role in this regard.

    We continue to invest significantly in our anti-money laundering and counter-terrorism financing (AML/CTF) compliance program. Recent projects have included upgrading and enhancing AML/CTF technology, updating AML/CTF policies and process documentation, investing in further resourcing and strengthening the training of our personnel.

     

  • Joint AML/CTF Program

    CBA’s Joint Anti-Money Laundering and Counter-Terrorism Financing Program (the Program) has been prepared for the purposes of complying with obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (the Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules.

    The Program is comprised of two Parts: Part A and Part B.  The primary purpose of Part A is to identify, mitigate and manage the risk of being involved in or facilitating (whether inadvertently or otherwise) money laundering or the financing of terrorism.  Part B documents the Program requirements in relation to customer due diligence information and verification for AML/CTF purposes. 

    CBA’s Joint AML/CTF Program will apply to overseas subsidiaries in so far as the Act applies. Other policies and procedures may be put in place to assist an overseas subsidiary to comply with local AML/CTF laws.

CIP Notice

  • U.S. Procedures for new account openings or establishing a new customer relationship for Commonwealth Bank of Australia or Commonwealth Australia Securities LLC located in the USA mandated by the USA PATRIOT Act and the FinCEN CDD Rule

    To help the U.S. Government fight the funding of terrorism and money laundering activities, U.S. Federal law requires all U.S. financial institutions to obtain, verify, and record information that identifies each person and each legal entity that opens an account or establishes a customer relationship. Federal law also requires all U.S. financial institutions to obtain, verify, and record information that identifies the beneficial owners of a legal entity that opens an account or establishes a customer relationship.

    What this means for you: When you or your business entity opens an account or establishes a new customer relationship with Commonwealth Bank of Australia or Commonwealth Australia Securities in the USA, we will request information and supporting documents which will allow us to identify you. We will ask for your name, address, date of birth and other identification information as applicable.  If you are opening an account on behalf of a business entity, we will also ask for the names, addresses, dates of birth and other identification information for the beneficial owners who own and/or control the business entity. Documents relating to the business entity’s formation, existence and authority also may be requested. We will use this information to verify your identity and, where applicable, the identity of your business entity’s beneficial owners.

    As appropriate, we may, in our discretion, ask for additional documentation or information. If all required documentation or information is not provided, we may be unable to open an account or establish a customer relationship with you.

Special Measures Notice

  • In addition to the above CIP notice, we are also required to advise any new foreign bank customer of Commonwealth Bank of Australia or Commonwealth Australia Securities LLC located in the USA that pursuant to U.S. regulations issued under section 311 of the USA PATRIOT ACT, and  Section 9714(a) of the Combating Russian Money Laundering Act, we are prohibited from opening or maintaining a relationship for, or on behalf of any of the following banks, including all of their branches, agencies and subsidiaries, financial institutions and jurisdictions, and/or transmitting funds on behalf of the below:

    • Al-Huda Bank;
    • Bank of Dandong;
    • Bitzlato Limited (Bitzlato);
    • Burma;
    • Commercial Bank of Syria (including Syrian Lebanese Commercial Bank);
    • Convertible Virtual Currency Mixing;
    • Democratic People’s Republic of Korea;
    • FBME Bank Ltd. (including all branches, offices and subsidiaries of FBME Bank Ltd operating in any  jurisdiction);
    • Halawi Exchange Co. (including all branches, offices and subsidiaries of Halawi Exchange Co. operating in Lebanon or any other jurisdictions);
    • Islamic Republic of Iran; 
    • Kassem Rmeiti & Co. For Exchange (including all branches, offices and subsidiaries of Kassem Rmeiti & Co. For Exchange operating in any jurisdiction, including the Rmaiti Group SAL in Lebanon and Societe Rmaiti SARL (STE Rmeiti) located in Benin; and
    • PM2BTC (a CVC exchanger comprised of a collection of the services PM2BTC.ME, BTC2PM.ME, PM2CASHIN.ME, BTC2CASHIN.ME, PM2WM.ME, and BTC2WM.ME, to mean all subsidiaries, branches, and offices of PM2BTC operating in any jurisdiction, as well as any successor entity).

    The regulations also require us to notify you that our financial institution may not be used to provide above referenced banks with access to our financial institution and we will be required to take appropriate steps to prevent such access, including terminating our relationship.

  • If you have any further questions, please speak to your Commonwealth Bank representative. 

Related information

  • Anti-Bribery and Corruption

    Our anti-bribery and corruption policy supports our zero tolerance approach to bribery and corruption.

    Learn more

  • Speak Up

    We are committed to embedding a culture of “speaking up.”

    Learn more

  • Responsible financial services

    A responsible approach to the way we provide financial products and services is essential for delivering excellent service to our 14 million customers.

    Learn more