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Know Your Customer (KYC)

Know Your Customer (KYC) is the process that helps Broken Hill Bank identify you and ensure your details are up to date and accurate. It is a legal and mandatory verification process used by financial institutions to confirm a customers identity, assess risk and prevent financial crimes. Keeping your details up to date helps us protect you from fraud and make sure your accounts are safe and secure.

Why is Know Your Customer important?

Maintaining accurate customer information helps us protect you and reduces the risk of financial crimes such as money laundering, terrorism financing and fraud.
It’s an important part of the way we manage risks and helps us comply with relevant financial and counter-terrorism financing laws.

How do you keep my details up to date?

Due to the importance of KYC, we need your assistance in maintaining accurate customer information. We may get in contact with you occasionally to ask if you can update your information. If you don’t update your details in time, your access to digital banking services may be restricted until you do.

We will contact you via phone, email or by mail.

How do I know I’m speaking to the right person?

It’s smart to be cautious when someone gets in contact with you asking for your information. If you are ever unsure of the call, email or letter. Immediately end the phone call / exit out of the email, and call us directly on 08 8088 2199 or come into branch at 2 Chloride Street, Broken Hill to confirm.

Please note that Broken Hill Bank will never ask for your internet banking password or pin, and we will never request remote access to your device.

What happens if I don’t confirm my details?

Even if your details haven’t changed, it is important to confirm them when asked to do so. If we don’t receive a response from you, your access to internet banking may be restricted until we do.
This will only occur if we haven’t been able to get in contact with you to confirm the required information. You will receive notice in the initial communication of when we require the information to be provided to us before any restrictions are applied.

Once we receive the required information, any restrictions will be lifted.

We take managing and protecting your personal information seriously.
You can view our privacy policy here, and it’s available in branch at Broken Hill Bank.

If you have any questions or concerns, get in touch!