Banks are central to detecting and reporting suspected financial crime, and are subject to Australia’s anti-money laundering and counter-terrorism financing regime. This fact sheet sets out what the law now requires of banks, and what it means for customers.
Know Your Customer obligations require banks to confirm that the person using an account is who they say they are – not only when an account is opened, but on an ongoing basis. KYC also allows banks to identify money laundering and terrorism financing risks.
From 1 October 2026, businesses will no longer be able to add a surcharge when you pay with eftpos, Visa, Mastercard or American Express. That means no extra fee for tapping or inserting your card at the checkout. This change comes from reforms by the Reserve Bank of Australia. The goal is simpler, more transparent… Read more »
Criminal syndicates need Australian bank accounts to move stolen money, so they are buying and renting them from ordinary people often quite openly, on social media.
This is an Australian Banking Association (ABA) factsheet for financial counsellors, prison support staff, solicitors, and anyone else looking to support a customer in prison.
It is the policy and objective of the ABA and its Council, and each of its member banks, to observe and strictly comply with both this policy and all applicable provisions of the CCA with respect to the conduct of the ABA Activities or any other applicable instruments, such as authorisations granted by the Australian… Read more »
The Australian Government and the Australian Banking Association (ABA) are working together to ensure that farmers, agribusinesses and the community know support is always available, with no drought declarations required.
The banking industry recognises there are ongoing disparities between the experiences of Aboriginal and Torres Strait Islander peoples and other Australians in many areas, and that these disparities can impact economic security and financial inclusion. The banking industry is working to help address barriers Aboriginal and Torres Strait Islander people can experience in accessing banking… Read more »
A guide to help people avoid scams, fraud and elder financial abuse. Everyone can be vulnerable to scams, fraud and financial abuse, regardless of your age. Knowing how to protect yourself and what actions to take, can help you to minimise the impact it may have.