ANZ Bank Anti Money Laundering

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Forums › Finance and wealth management › ANZ Bank Anti Money Laundering

kiwiharry

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#214655 23-May-2017 07:43

ANZ Bank has sent me a letter stating that they don't have a copy of my passport or driver's licence on file and also due to Anti Money Laundering legislation, they want me to complete a bunch of forms and present supporting evidence at a bank branch or send in certified copies.

Aside from the information that they want, I'm also concerned about ANZ Bank not retaining ID that I've previously supplied to them.

About 3 years ago they contacted me to say that they don't have my signature on file. I've been banking with the ANZ since the mid 80's, and I last opened a company business account in 2007 and also applied for a business overdraft in 2010. I found it disturbing that they claimed to not have my signature on file despite that activity. I went in and supplied my signature and they took my ID then for verification too.

Now, as stated above they claim to not have my ID in their system. How does a bank keep misplacing this type of information? Given my personal experience with them not being able to retain my information on their system, am seriously considering switching banks.

Attached are the forms that they want me to complete. Has anybody else here also had their bank contact them to supply similar information?

If you can't laugh at yourself then you probably shouldn't laugh at others.

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meow
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#1786348 23-May-2017 07:51

Note: I work for a bank.

It is law that you do provide this if you want a bank account in NZ. Banks must have an up-to-date form of ID loaded on your account as part of their customer due diligence requirements in relation to the Anti Money Laundering act. Without this you simply can't have an account open.

Really, it comes down to either providing this information to ANZ (either via going into a branch by booking an appointment or doing the forms) or they will essentially block off your accounts since they have no verification. Banks will often contact you if the information they hold about you is old or incorrect. They may have had some old ID loaded on your account however it is a requirement to keep this updated at all times.

You do need to comply with this or close your accounts.

Michael Murphy | https://murfy.nz
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antoniosk

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#1786351 23-May-2017 07:54

You've provided the ID, they have failed to load the images to your account or transfer them between accounts.

It happens.

Computers are only as good as the operators who drive them, and the processes/procedures in place to police actions. Computer system migrations frequently lose files, under the projects 'migration risks', and people sign it off.

You should complain, but the AML stuff is pretty clear - banks have an obligation to meet minimum standards, and this is what they are doing. and of course it protects the bank. and maybe you. maybe.

Provide the ID, and watch them do the load. Don't leave until you've witnessed it going in, and can then see it being brought up in response to a query.

________

Antoniosk

eracode

Smpl Mnmlst
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#1786359 23-May-2017 08:16

I have worked for a bank too.

It is highly likely that the copy they took last time would have been a photocopy which would have been put in a physical file - with the copy signed and stamped by the banker to confirm that he/she saw the original.

When they now say they don't have a copy, they probably mean they don't have an electronic copy. I'm sure this time they will scan it and save it where it can be readily found - unlike a copy buried in a paper file.

All this doesn't mean they have lost the original copy - just can't access it easily.

I'm no apologist for banks (quite the opposite really) but nothing sinister here. All banks have had to revisit and tighten-up records following the AML legislation.

Sometimes I just sit and think. Other times I just sit.

eracode

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#1786371 23-May-2017 08:53

michaelmurfy:

Note: I work for a bank.

Hang on... I thought you told us you worked for the US Navy?

Sometimes I just sit and think. Other times I just sit.

MikeAqua

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#1786375 23-May-2017 08:54

I've gone through this with 8 different banks for work purposes - along with colleagues and three of the company directors.

It's a PITA but the banks have to do it.

Kiwibanks were hopeless to deal with. The rest were OK. BNZ (located over the road) came across to our board meeting which made it very easy.

Mike

sxz

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#1786376 23-May-2017 08:56

I've a similar issue with ANZ. I had a mortgage with them in 2013, then with a different bank, then have just moved the mortgage back to ANZ, only to be told they didnt have our ID's on file or our signatures (noting we have had other current accounts with ANZ the whole time). We have both banked there since the mid 80's. They tried (hard) to use this as an excuse to get me in for a big review of our insurance, accounts (etc.) which I was not interested in. Dropped in and signed the form and gave them (another) copy of my ID.

I suspect their filing system is rubbish. They always used to have trouble with our addresses as well, and with my wife changing her name. What's the bet in 3 years I have to do it again ;)?

DjShadow

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#1786386 23-May-2017 09:08

I think the big clue you have mentioned is that your accounts date back to the 1980's before these new laws came into effect so this is a very reasonable request from ANZ

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mdf

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#1786446 23-May-2017 09:32

What other's have said. The law is the law and must be complied with. Yes, it's painful for the 95%+ of people that are law-abiding but is designed to address the rotten 5% (?) that actually do money launder, finance terrorism and deal in the proceeds of crime. The due diligence/know-your-customer checks required for you personally are also slightly different from you as the director/shareholder/ultimate beneficiary of a company, so I'm not surprised there is some double up.

In addition, ANZ replaced it's banking system when they bought National Bank (ANZ adopted National Bank's system). This was in 2011 from memory?

Finally, be aware that phase 2 of the AML Act is rolling out. In addition to the banks (and casinos and finance companies) already caught, you are also going to have to prove who you are to real estate agents, lawyers, accountants, pawn brokers, jewellers, car dealers, art galleries and down the TAB. I think it's going to get to the point where you basically are going to have to carry proof of identity and address wherever you go. There are technology solutions afoot that sound interesting, though (a) there are still going to be painful first-time set up steps; and (b) I'm not aware of them being offered in NZ (if anyone is looking for a project, I've got some ideas about how to make something similar work under NZ law).

Geektastic

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#1786565 23-May-2017 11:23

You are not a name. You are a number.

kiwiharry

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#1786571 23-May-2017 11:26

OK. Maybe I'm just being a sensitive little soul.

The National Bank buy-out is what they used as an excuse for my signature not being in my file 3 years ago.

Anyway I'll build that bridge.

Cheers

If you can't laugh at yourself then you probably shouldn't laugh at others.

Geektastic

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#1786573 23-May-2017 11:26

Take a leaf out of their playbook:

Tell them you will fill in the forms, but they must provide ID to prove they are ANZ bank, which will be limited to a copy of the passport of a Board member with a sworn affidavit that the request is genuine and that you will charge a standard fee of $50 for completing paperwork for their files.

[Mod: MM - Removed unnecessary quoting of OP]

ANglEAUT

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#1786602 23-May-2017 12:01

mdf: ... I think it's going to get to the point where you basically are going to have to carry proof of identity and address wherever you go. There are technology solutions afoot that sound interesting, though (a) there are still going to be painful first-time set up steps; and (b) I'm not aware of them being offered in NZ ...

Secure Quick Reliable Login (SQRL) wants to do the same authentication as your link to ShoCard.
What about RealMe? Already government approved. With link to NZ Post, you can also be address verified. BNZ already uses RealMe, why not ANZ?

Please keep this GZ community vibrant by contributing in a constructive & respectful manner.

Aaroona

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#1786618 23-May-2017 12:23

My question is, why can't they use something like RealMe to provide this evidence. It's Government run, and is used to prove your identity.

This would negate the need to provide identification documents to each provider and give only secured and controlled access to your information.

EDIT: I was 22 minutes late.. that's what I get for leaving a page open before replying :P

Geektastic

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#1786661 23-May-2017 13:21

IcI:

mdf: ... I think it's going to get to the point where you basically are going to have to carry proof of identity and address wherever you go. There are technology solutions afoot that sound interesting, though (a) there are still going to be painful first-time set up steps; and (b) I'm not aware of them being offered in NZ ...

Secure Quick Reliable Login (SQRL) wants to do the same authentication as your link to ShoCard.
What about RealMe? Already government approved. With link to NZ Post, you can also be address verified. BNZ already uses RealMe, why not ANZ?

I love option one. You can call it 'Squirrel'!

BlueShift

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#1786684 23-May-2017 13:24

eracode:

michaelmurfy:

Note: I work for a bank.

Hang on... I thought you told us you worked for the US Navy?

The HSBC Michael Murphy?

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