Australia Bank account-opening documents and verification points

Personal application documents

• The bank must verify individual identity under applicable AML/CTF customer identification procedures; acceptable document combinations vary by bank and product. Examples listed by ANZ for new customers include an Australian or foreign passport, Australian driver licence, and government-issued identity documents. Individual signatories and beneficial owners of Australian company bank accounts must each undergo identity verification. Sources: ANZ, “Open a bank account online”; NAB, “Australian companies checklist.”
• Individual account opening may require an Australian residential address and local mobile number. ANZ's guide to opening an account when moving to Australia lists an Australian residential address and Australian mobile number; ANZ Plus personal accounts also require applicants to be at least 15 years old and have a valid Australian passport or driver's licence. Age, residence, and account eligibility vary by product. Sources: ANZ, “Migrant banking” and “Open a bank account online”.
• A new account requires tax residence self-certification. The bank may require disclosure of all countries/regions of tax residence and the corresponding foreign tax identification numbers (TINs). The ATO explains that CRS requires reporting financial institutions to obtain a valid and reasonable tax residence self-certification for all new accounts; CommBank's guidance for customers moving to Australia requires the TIN for each foreign country of tax residence. Sources: ATO, “Obtaining valid self-certifications for all new accounts”; CommBank, “Migrant banking”.
• Source-of-funds/source-of-wealth documents are not a fixed set of documents that applies to every account applicant. AUSTRAC guidance requires banks to determine when to collect and verify relevant information based on a customer's money laundering/terrorism financing risk. Possible sources include salary, business income, investments, asset sales, gifts, or inheritance; examples of supporting documents include payslips, bank statements, tax returns, sale and purchase contracts, or a will. Source: AUSTRAC, “Source of funds and source of wealth.”

Company application documents

• Business accounts usually require the business's legal name, registered/business address, nature of business and applicable ABN/ACN. CommBank's checklist for Australian domestic proprietary companies requires the ASIC-registered company name, registered office address, principal place of business (if any), ACN and industry category. CommBank's online business application also lists ABN and, where applicable, ACN. Sources: CommBank, “Australian domestic proprietary company checklist” and “Business Transaction Account”.
• Company applications involve verification of the identities of directors, authorized signatories, and beneficial owners; the bank may ask the company to confirm information about all directors and controllers. The CommBank checklist requires disclosure of the names of all directors and requires the applicant, at least one director, all beneficial owners, and account operators to present ID at a branch. The bank generally defines a beneficial owner as a person who holds 25% or more of the company, and if no one meets that threshold, identifies beneficial owners further based on control. NAB also states that signatories and beneficial owners must provide personal identification. Sources: CommBank, “Australian domestic proprietary company checklist”; NAB, “Australian companies checklist.”
• Company account opening also requires tax residency information; the CommBank checklist expressly requires disclosure of the company’s tax-resident countries and tax numbers. For more complex structures, the bank may request additional documents or a branch visit under its policies. Sources: CommBank, “Australian domestic proprietary company checklist”; NAB, “How to open a business bank account.”
• The business and its controllers may need to explain expected transactions and source of funds. AUSTRAC requires banks to collect information on a risk basis and, where appropriate, verify source of funds/wealth; NAB says it may collect further information to complete customer onboarding. Sources: AUSTRAC, “Source of funds and source of wealth”; NAB, “Australian companies checklist.”

Application and verification process

1. Before applying, first confirm the applicant’s identity, residence/visa status, purpose of opening the account, corporate structure, and intended product, and check these against the bank’s eligibility criteria and document checklist for that product. The APRA ADI register can be used to verify regulated entities; the brand name may differ from the ADI that actually opens the account. Sources: APRA, “List of registered authorised deposit-taking institutions” and “List of authorised deposit-taking institutions covered under the Financial Claims Scheme”.
2. Individuals may apply via the bank's app/website depending on the product; some applications can only be submitted in advance, and identity and tax information checks must still be completed before the account is activated. CommBank allows eligible customers relocating to Australia to apply up to 14 days before arriving, but after arrival they must visit a branch in person and provide identification and tax residence information; the account can be used only after identification is completed. ANZ states that people planning to relocate to Australia but still overseas can apply after arriving. Sources: CommBank “Migrant banking”; ANZ “Migrant banking”.
3. The structures and applicant types eligible to apply online are limited; appointments at a branch are also available. CommBank lists some sole traders, Australian private companies, SMSFs, limited partnerships and other types as eligible to apply online. Foreign entities and other structures should contact the bank or a branch to check. NAB's example of an online application for a new business customer requires the applicant to reside in Australia and be an Australian tax resident; other entity types may need to apply at a branch. Sources: CommBank, “Business Transaction Account”; NAB, “How to open a business bank account”.
4. During the application process, the bank will conduct identity, business, tax-residency and risk reviews. Depending on the circumstances, it may request additional documents, translations, certified copies, an interview or in-person verification. For company account opening, CommBank offers one method that requires the relevant individuals to bring identification to a branch; some CommBank business products also use online verification of directors/beneficial owners. Source: CommBank, “Australian domestic proprietary company checklist” and “Business Transaction Account.”