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Anti-Money Laundering and Counter-Terrorism Financing Program

The Australian Government introduced the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006 in response to global pressures to strengthen Australia's ability to detect and prevent money laundering and terrorism financing.

Suncorp takes the implementation of the AML/CTF Act seriously and has taken steps to ensure that we meet our obligations as set out in the AML/CTF Act and the AML/CTF Rules.

Current legislation for money laundering and terrorism financing includes:

  • Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006;
  • Proceeds of Crime Act 2002;
  • Suppression of the Financing of Terrorism Act 2002;
  • Anti-Terrorism Act 2004;
  • Anti-Terrorism Act (No. 2) 2005;
  • Charter of the United Nations Act 1945.

Key components of Suncorp’s responsibilities in our Designated Business Group AML/CTF Program

Designated Business Group

Our Designated Business Group (DBG) includes a number of entities within the Suncorp Group that offer Designated Services (as defined in the AML/CTF Act). For details of which entities are members of the DBG, please contact Suncorp.

Oversight by Board and Senior Management

Suncorp's AML/CTF program has been approved at Board level and has ongoing oversight via Senior Management and Line of Business reporting structures.

AML/CTF Compliance Officer

Suncorp has appointed an AML/CTF Compliance Officer at management level who has the responsibility for the AML/CTF Program.

Employee Training

Suncorp has appropriate AML/CTF Risk Awareness Training in place to assist all affected staff to understand the obligations, the risks, the consequences of non-compliance and the procedures and processes in place. This training is undertaken on a recurring cycle or when legislative change dictates.

Employee Due Diligence

Suncorp has procedures and processes in place to ensure that employees have the appropriate background checks to mitigate the risk of using their position to facilitate money laundering or terrorism financing as well as ongoing control mechanisms.

Independent Review of our AML/CTF Program

Suncorp's AML/CTF Program is subject to independent reviews conducted by our Internal Audit department to assess the effectiveness of our risk based controls and ensure compliance with the AML/CTF Act and Rules. Frequency is risk based and determined on business requirements. Reports are provided through to Senior Management and the Audit Committee.

Record Keeping

Suncorp has implemented processes and procedures to ensure that records made in respect of customer identification are held for 7 years after the end of the relationship. Other documentation will be retained for the length of time required to meet our legislative obligations.

Know your Customer

Suncorp introduced a risk based methodology based on the requirements of the AML/CTF Act and Rules to collect and verify certain information to confirm customer identities. In most cases, this will occur at the point of time of on boarding a new customer or entity. Controls, processes and procedures have been developed to capture this information based on Suncorp’s risk tolerance. 

Suspicious Matter Reporting

Suncorp has implemented controls, processes and procedures to detect and report suspicious activities and transactions to AUSTRAC.

Transaction Reporting

Suncorp is required to provide the regulator the following transaction details and has developed the controls, processes and procedure to submit:

  • All inward and outward International Funds Transfer Instructions in the format as required by AUSTRAC
  • All threshold transactions where the interaction involves cash amounts of $10,000.00 or more in the format required by AUSTRAC.

Sanctions

Suncorp has implemented controls and processes to monitor customers and transactions against prescribed lists to ensure that we do not knowingly participate in any transaction that facilitates terrorism financing or breaches Australian law.

Correspondent Banking

Suncorp has implemented processes and procedures to ensure that we will:

  • Not conduct business with shell banks
  • Not offer pay through accounts
  • Conduct regular due diligence reviews of our correspondent bankers to understand their AML/CTF policies and controls

Administrative Information for Correspondent Banking Due Diligence

Operating Banking Entity: Suncorp-Metway Ltd (Authorised Deposit-taking Institution)

Registered Address: Level 23, 80 Ann Street, Brisbane QLD 4000

Stock Exchange: Australian Stock Exchange (ASX)

Regulators:

Australian Transaction Reports and Analysis Centre (AUSTRAC) - Australia's AML/CTF regulator and Financial Intelligence Unit.

Australian Prudential Regulation Authority (APRA) - the prudential regulator of Australia's financial services industry.

Australian Securities and Investment Commission (ASIC) - the regulator for corporations, markets and financial services.

Corporate Structure:

Please refer to the attached links.

Suncorp Board of Directors
Suncorp Executive Management

Shareholder information:

Refer to our Annual Report per attached link:

Suncorp Directors’ Report and Financial Statements

Contact Details:

AML/CTF Contact: AML/CTF Compliance Officer (4FI032)
Mailing Address:
GPO Box 1453 BRISBANE QLD 4001

USA PATRIOT Act Certificate:

In accordance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act 2001, financial institutions in the United States are required to obtain certain undertakings and maintain certain records about banks outside the United States with whom they maintain correspondent accounts.

Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”) has prepared a global certificate setting out this information. The Global Certificate is intended for use, and may be relied upon, by any financial institution requiring a USA PATRIOT ACT Certificate from Suncorp Bank.

Suncorp Bank is authorised by the Australian Prudential Regulation Authority (APRA) in Australia to carry out banking business in Australia.

Download a copy of the USA PATRIOT Act Certificate

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Products and services including banking, home loans and insurance are provided by different entities of the Suncorp Group.  Suncorp Bank (Suncorp-Metway Ltd ABN 66 010 831 722) is only liable for the banking and home loan products or services it provides and not the products and services of other companies in the Suncorp Group.

BANKING
Banking and home loan products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882. Please read the relevant Product Information Document and Terms & Conditions before opening an account. Fees, charges, terms and conditions apply and are available on request. 

Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Information Document, and/or Terms and Conditions before applying for any Suncorp Bank product. Target Market Determinations (“TMDs”) are also available. Copies of historical TMDs for credit card products can be obtained by calling 13 11 55.

INSURANCE
Any advice has been prepared without taking into account your particular objectives, financial situation or needs, so you should consider whether it is appropriate for you before acting on it. Please read the relevant Product Disclosure Statement before you make any decision regarding this product. The Target Market Determination is also available.

GENERAL INSURANCE
General Insurance (including Home Building, Home Contents, Landlord, Strata, Car, CTP, Motorcycle, Caravan, Motorhome, Boat Insurance, Business Insurance and Barristers Insurance) is issued by AAI Limited ABN 48 005 297 807 trading as Suncorp Insurance.

SUNCORP HEALTH INSURANCE
Suncorp Health Insurance is issued by nib health funds limited ABN 83 000 124 381 (nib) a registered private health insurer and is marketed by Platform CoVentures Pty Ltd ABN 82 626 829 623 (PC), a Suncorp Group company. PC is an authorised agent of nib and receives commission from nib. Read the policy booklet before buying this insurance.

SUNCORP LIFE INSURANCE
Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, are issued by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL companies are not part of the Suncorp Group. TAL Life uses the Suncorp brand under licence from the Suncorp Group. Redundancy Benefit provided on or before 31st March 2020 was issued by AAI Limited ABN 48 005 297 807 AFSL 230859 (AAI) which is part of the Suncorp Group. New Redundancy Benefit policies and renewals offered from 1st April 2020 are issued by TAL Life. The different entities of TAL and the Suncorp Group of companies are not responsible for, or liable in respect of, products and services provided by the other.

Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017 AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Product you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is also available.

TAL Life is proud to have adopted the Life Insurance Code of Practice (Code). The Code has been developed voluntarily by the Life Insurance industry to promote high standards of service to consumers, provide a benchmark of consistency within the industry, and establish a framework for professional behaviour and responsibilities.

COOKIE AND DATA POLICY
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