Committed to preventing financial crime
As part of People First Bank’s goal to become Australia’s most trusted bank, we are committed to detecting, deterring and disrupting financial crime and protecting our customers, employees and community from money laundering, terrorism financing and proliferation financing.
What is money laundering?
Money laundering is the process of hiding or disguising the source of illegally obtained funds to make them appear legitimate.
What is terrorism financing?
Terrorism Financing is the act of funding terrorists, their organisations, and their activities.
What is proliferation financing?
Proliferation financing is the act of making funds available, providing a financial service or conducting a financial service, knowing that there is an intention to facilitate the proliferation of Weapons of Mass Destruction.
What does this mean for People First Bank?
As a provider of designated services, People First Bank must comply with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 and AML/CTF Rules, and have in place an AML/CTF Program that aims to detect, deter and manage the money laundering, terrorism financing and proliferation financing risks that People First Bank may face in the course of doing business.
What does this mean for our customers?
As part of People First Bank’s AML/CTF requirements, we require our customers to:
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Have certain personal information collected and verified at onboarding so we can be confident our customers are who they say they are;
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Have certain personal information collected and verified throughout the life of your relationship with People First Bank;
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Provide additional information in relation to the source of your funds, source of wealth or about certain transactions when requested.
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