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Collecting information required by law

 

ANZ may collect information from you because we are required or authorised by an Australian law or court/tribunal order to collect that information. We will tell you if collection is required or authorised by law and provide you with details of the law, court or tribunal order.

For example, when you open a deposit account, ANZ is required under the Anti-Money Laundering and Counter-Terrorism Financing Act to collect certain information from you to prove your identity, such as your driver’s licence or passport details. Further, when you provide a mortgage in favour of ANZ, in most States and Territories ANZ is required under Land Titles legislation or rules of the Registrar to verify your identity and this may require the collection of information. ANZ may collect information to verify your identity even in the limited circumstances where the collection is not yet required by law.

ANZ may collect your Australian tax file number (TFN) when you open a deposit account. It is not compulsory to provide your TFN, but if you do not, ANZ may deduct withholding tax from your interest payments at the highest marginal rate. ANZ will only collect your TFN to determine whether you are subject to withholding tax on any interest payments you receive and for no other purpose. ANZ’s OnePath business is authorised by the Superannuation Industry Supervision Act 1993 to request that you provide your TFN. If ANZ collects your TFN, we will handle your TFN in accordance with the Privacy Act and the TFN Rule issued by the Commissioner.

The National Consumer Credit Protection Act 2010 requires credit providers like ANZ to make inquiries into the financial situation, needs and objectives of individuals who apply for consumer credit. This is to ensure the credit provider has the information - such as the individual’s financial commitments, income and liabilities - to make an informed decision about whether the individual can afford the credit they are applying for.

ANZ may also be required to ask about your tax residency status under taxation information sharing agreements the Australian Government has in place with other countries. For example, a tax treaty between Australia and the United States formed under US law (Foreign Account Tax Compliance Act) requires ANZ to ask some account holders whether they are US citizens or US tax residents when they open an account. If you are a tax resident of another country, the relevant treaty or law may require us to collect your relevant foreign tax identification number.

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