Providing information when making financial transactions
You may be asked for information to prove who you are and where your money came from to complete certain financial transactions.
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What is money laundering
Money laundering is the process criminals use to ‘clean’ the money they make from crimes. They make it appear like they made the money legally so they can stop police finding out about their crimes. For example, they buy, sell and channel funds through property, expensive goods and financial services.
When could I be asked to provide information about myself
You may be asked for information to prove who you are and where your money came from when you use the services of:
- banks and financial institutions
- trust and company service providers
- lawyers and conveyancers
These services could include:
- paying the deposit on a home loan
- sending $1,000 or more overseas
- paying $10,00 or more in cash to a lawyer, accountant, conveyancer, real estate agent.
You must provide the information they need or you may not be able to use their services.
What type of information could I be asked for
Businesses may ask you to show them documents such as your:
- driver’s licence
- bank card
- bank statements
- other documents to prove your address or where your money came from.