(2 September 2011 – Australia) New Anti Money Laundering/Counter Terrorism Financing (AML/CTF) legislation requires that all Australian banks monitor cash transactions of A$10,000 or more.From 1 October this year, National Australia Bank (NAB) stated it will need to report on the identity of anyone making a cash transaction of A$10,000 or more at branches, as well as the account holder involved, to the Australian Transaction Reports and Analysis Centre (AUSTRAC).
“To remain compliant with our legislative requirements, we will be asking customers for some form of identification (e.g. drivers license, passport) when transacting with cash involving A$10,000 or more, such as a driver’s license”.
If you are transacting on behalf of a business or company, you will be asked for details of your employment or to provide information such as the business name, Australian Company Number (ACN), Australian Business Number (ABN) and/or the business address.
NAB will begin transitioning to this new process from 29 August.