Customer Due Diligence (CDD) and Know Your Customer (KYC)
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Rabobank
 

Customer Due Diligence (CDD) and Know Your Customer (KYC)

Rabobank has obligations to protect our customers, ourselves as a Financial Institution and the industry as a whole.

CDD is the steps we take and KYC is the information we collect and verify so that we are confident in knowing who we are offering our products and services to, and we contribute to the shared goals against financial and economic crimes.

This includes ensuring our customers identities, knowledge of the nature and purposes of the business relationship and in the case of non-individual clients, identifying the entity, its structure, key individuals and activities.

What is this/why do we have to do this?

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Rabobank, as with other financial institutions, is an entity that is subject to laws (including the Anti-Money Laundering and Counter-Terrorism Financing Act 2006) which place obligations on us to apply identification and verification procedures to our customers and have ongoing customer due diligence.


How does this affect me?

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From time to time we may contact you to confirm if the information we hold is still up-to-date and accurate. We may ask you for additional information and/or documents if there is potential that your circumstances may have changed, or if the information we need to obtain about you or the entity you are associated with, was not collected when you opened your account.


Are other banks doing this?

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All financial institutions have their obligations both domestically and abroad however they may have different methods to Rabobank in terms of addressing these. Rabobank is part of the international Rabobank Group whose ultimate holding company, Coöperatieve Rabobank U.A (Rabobank Nederland), is based in the Netherlands. Rabobank Australia is therefore required to comply with Australian, Dutch and European Union (EU) AML/CTF legislation, amongst others.


Why are you doing this now? I already provided enough information when I applied.

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We understand that circumstances change over time. To ensure we hold up-to-date and accurate information so we continue to protect our customers and our business, as well as complying with the AML/CTF Act, Rabobank reviews and updates its customers’ information on an ongoing basis.


What will happen if I don’t do this?

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If you decide not provide the information and documents, Rabobank may not be able to continue to provide you the services relating to your account. If you have any questions please feel free to give us a call on 1800 792 812 between 9am – 5pm Sydney time, Monday to Friday.


When do I need to provide the documents by?

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You will need to provide the requested information within 30 calendar days of being notified.


What types of information or documentation may be requested?

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Depending on the type of the account with Rabobank, we may request personal information about account holders, individuals who own or control (directly or indirectly) an entity and/or supporting documentation about an entity’s operating and shareholding structure.

Please find the relevant forms for your type of account located here. Please click on the Rabobank Online Savings Forms tab and scroll down to the Know Your Customer Forms for your account type.


What is a certified document?

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Please refer to our certification reference sheet by clicking here.


How do I get my documents to you?

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You can email electronic copies of completed forms and certified documentation to KYCAU@rabobank.com.

Alternatively you can send them via post to Reply Paid 4715 SYDNEY NSW 2001 (no stamp required) OR GPO Box 4715 SYDNEY NSW 2001
Please note there may be delivery delays with the Reply Paid Service beyond our control.


I’ve lost my form, can I download a copy?

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Please find the relevant forms for your type of account located here. Please click on the Rabobank Online Savings Forms tab and scroll down to the Know Your Customer Forms for your account type.

Alternatively please give us a call on 1800 792 812 or email us at KYCAU@rabobank.com, and we’ll be happy to send you a new copy via email or post.


What is FATCA?

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The U.S. Foreign Account Tax Compliance Act (FATCA) is a legislation introduced by the U.S. Government to improve tax compliance of U.S. individuals and entities. FATCA requires non-U.S. financial institutions, including Australian institutions to ensure U.S. individuals and entities with financial accounts outside of the U.S. pay tax on their income.


What is an Ultimate Beneficial Owner (UBO)?

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The term Ultimate Beneficial Owner means an individual who ultimately owns or controls (directly or indirectly) the entity.

Definition of ownership: Owning 25% or more of the entity. This can be directly (such as through shareholdings) or indirectly (such as through another company’s ownership or through a bank or broker)
Definition of control: Having the power to make decisions about the entity’s finances and operations. They may exert control through trusts, agreements, arrangements, understandings, policies or practices.


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