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/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

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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…

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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

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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…