Banks urge millions of Aussies not to ignore this important email: ‘It was legit’

In today's digital age, where phishing scams and fraudulent emails are a daily nuisance, it's understandable that many of us have become wary of any unexpected requests for personal information.

However, there's a critical alert that Australians should not ignore: banks are currently contacting customers to update their personal details, and failure to comply could result in losing access to their bank accounts.



This isn't a drill, nor is it a scam. It's an industry-wide practice that's part of the banks' regulatory obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.

A spokesperson for Commonwealth Bank (CBA) emphasised the importance of this process, stating, 'As part of our ongoing regulatory obligations, we contact customers to ensure we have their most up-to-date and correct details, which help us to keep them safe and protect them from fraud.'


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Banks urged Aussies not to ignore this specific email. Credit: Shutterstock


This matter has sparked conversations on social media, with bank customers sharing their experiences and concerns.

‘I had this a few months back! They were relentless and wanted to know EVERYTHING! I’ve never had this before now,’ one wrote.

‘It is legit and connected with Australian Transaction Reports and Analysis Centre (AusTRAC) requirements in relation to anti-fraud and money laundering regulations. Very frustrating as we have done it twice in just over 12 months now, another said.

‘I got a message like this from Ubank, and I ignored it. After 3 messages, they did put a block on my account. It was legit,’ a third added.



So, what exactly do you need to provide?

The specifics may vary depending on your bank and your circumstances, but generally, you may be asked for your full name, date of birth, address, the purpose of your account, and details about the transactions, including the amounts of money coming in and out each month.

The timeframe for providing this information also varies.

For instance, CBA gives customers a 10-day window, while Ubank allows up to 30 days. It's crucial to check the communication from your bank to know the exact deadline to avoid any restrictions on your account.

If you're uncertain about the legitimacy of an email from your bank, take the safer route: log into your banking app, where you can usually update your details securely.



Alternatively, you can call your bank's customer service or visit a branch to confirm the request and provide the necessary information in person.

This initiative is part of the Know Your Customer (KYC) measures financial institutions must follow.

AusTRAC, the Australian government's financial intelligence unit, mandated KYC to help banks identify and report suspicious activities, thereby reducing the risk of their services being misused for money laundering or terrorism financing.

AusTRAC's system is designed to make banks more vigilant and informed about their customers' activities, ensuring a safer financial environment.
Key Takeaways
  • Australians are being advised not to ignore emails from their banks asking for updated personal information as part of anti-money laundering and counter-terrorism measures.
  • Commonwealth Bank asserts this is an industry-wide practice instigated by regulatory obligations under the Anti-Money Laundering and Counter-Terrorism Act.
  • Failure to provide the requested information within the time frame specified by the bank can lead to a block on the customer's bank account.
  • This initiative is part of the Know Your Customer (KYC) measures implemented by the Australian Transaction Reports and Analysis Centre (AusTRAC) to prevent financial crimes.
Have you received such a request from your bank recently? How was your experience in updating your details? Share your stories with us in the comments below!
 
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You can go to birth, deaths and marriages and get a birth certificate along with copies of all marriage certificates and divorce or death certificates of all your 10 (lol)husband's.
They'll be happy to see you, they charge like wounded bulls.
I didn't have 10 husband's, only using that as a comparison. In They ask for birth certificate, where's the proof in that
You can go to birth, deaths and marriages and get a birth certificate along with copies of all marriage certificates and divorce or death certificates of all your 10 (lol)husband's.
They'll be happy to see you, they charge like wounded bulls.
I didn't have 10 husband's. Only a comparison. They ask for birth certificate, where's the proof in that?
 
I have not received any thing from my bank in regards to this matter. I would have thought scam immediately. Thank you for the heads up. Again just shows we really need to be on guard. Always contact your bank and do a quick check.
Kind regards to all Vicki
I haven't heard from my bank either but having been a customer for more than 40 years I would hope they have everything they need to know. I too would have suspected a scam and contacted the bank by a proven method.
 
I didn't have 10 husband's, only using that as a comparison. In They ask for birth certificate, where's the proof in that

I didn't have 10 husband's. Only a comparison. They ask for birth certificate, where's the proof in that?
I did realise you didn't have ten husbands. I had three, that was enough, actually too many, lol.
 
One minute they say, don’t give out this information. Now they say we have to give out this info. For truck sake

Let me guess, the scammers are rubbing there hands together right now.
Organisations such as financial institutions, government agencies and utilities providers are reactive to scamming.

Scammers, on the other hand, are proactive.

They are always one step ahead.
 
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Reactions: BeautifulMousey
Black widow?
Funny you should say that.
My husband passed away about two months ago. Because it happened at home the police had to attend.
My daughter, who has an intellectual disability, said to them "my mum's outlived three husband's now". Whoops,!
Luckily I was separated from the previous two when they passed away, might have found myself with some questions to answer.
 
I had this message from CBA last year, couldn't update via their banking app, had to go into a branch, and yes i was informed that it is a government requirement.
 
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Reactions: BeautifulMousey
Funny you should say that.
My husband passed away about two months ago. Because it happened at home the police had to attend.
My daughter, who has an intellectual disability, said to them "my mum's outlived three husband's now". Whoops,!
Luckily I was separated from the previous two when they passed away, might have found myself with some questions to answer.
Now I get the black widow reference!

I must be stuck in a Tardy Tuesday....
 
So what happens if, like me, you don't have any of those documents? You become a non citizen?

I have had an ongoing battle with Optus for more than a year in this regard. I have two forms of photo ID - a student ID card and a "Proof of Age" card. The student card was considered insufficient as it does not have address or date of birth details. Optus rejected my Proof of Age card due it being "more then five years old". Hogwash! Proof of Age cards DO NOT HAVE AN EXPIRY DATE! This was confirmed with the issuing authority.

So Optus, a 10 year passport is rendered invalid after five years? But you can visit any country you wish up to 10 years after issue. Go figure!
All those years ago we should have accepted the Australia card
 
Funny you should say that.
My husband passed away about two months ago. Because it happened at home the police had to attend.
My daughter, who has an intellectual disability, said to them "my mum's outlived three husband's now". Whoops,!
Luckily I was separated from the previous two when they passed away, might have found myself with some questions to answer.
Yeah I had 3 but was separated when the all passed. 2 in hospital and other had a heart attack
 
  • Sad
Reactions: Veggiepatch
Yeah I had 3 but was separated when the all passed. 2 in hospital and other had a heart attack
Between you and @mylittletibbies, that makes six! Do I see a pattern here? 😱

My three wives are all still alive. The second one was on The Chase Australia last week! Got through to the Final Chase but dipped out.
 
It is simply updating ID, perhaps the ID on record has expired, eg driver licence. I went to the bank. Takes less than 5 mins. For your security and money laundering and terrorism financing. Easy really.
 
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Reactions: BeautifulMousey
I don't care what the purpose is, they get nothing from me online. They need to re-open more branches and do this stuff face to face.
They need to get their heads out of their bottoms and get customer service back to where it should be.
 
I've never had this email like your saying from my Bank.. Obviously, one would phone their bank FIRST on the phone number you have stored for years.! weird.! looks like a scam. reading your article it feels like a scam. Hard to understand it is legit.!!
 
  • Haha
Reactions: BeautifulMousey

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