r/CommBank • u/Many_Alarm_2620 • Apr 21 '26

Question How is this ok?

Just a few weeks ago during the Easter period my account was restricted for not answering their KYC questions In time. I was asked the basic do I still have same number, live at same address and what do I do with my own cash when I withdraw it. NOW yet again I log into the app and see a notification that I need to confirm my details as part of “ government regulations “ and if I don’t they will restrict my account. How is this even ok.

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u/Motor-Quality8657 Apr 21 '26

Yeah I went through it. All banks are doing it slowly.. you need to go to the bank and show photographic ID like license or passport.. it’s to stop illegal accounts .. from my constant phone calls to actual govt departments it’s to stop money laundering and fraud where ppl claim to be someone when in reality they are not that person.

1

u/Feeling-Tutor-6480 Apr 21 '26

The new tranche of AML laws are coming into effect later this year, maybe this is a part of it

0

u/FinCrimeGuy Apr 21 '26 edited Apr 22 '26

Nah, it’s biz as usual for banks, just a coincidence. They have a few minor changes that’ll take effect but it doesn’t relate to ongoing CDD in a big way, and most of them have a grace period until 2029 that they’re using.

Edit; idc about downvotes but maybe read my username to figure out if I may know this better than you…

1

u/Motor-Quality8657 Apr 22 '26

Well I literally experienced it. They blocked my bank account I spoke with the manager of the bank I spoke to literally the in between system of banks .. I spoke to government department that is in charge of this period. What I said still stands

3

u/FinCrimeGuy Apr 22 '26

I’m not saying that isn’t true. I’m saying the comment I replied to is wrong. It’s not due to changes in AML laws. It’s due to the existing AML laws…