Islamic Bank Australia logo

1300 ISLAMIC (1300 475 264)

Islamic Bank Australia logo

Anti-Money Laundering and Counter-Terrorism
Financing (AML/CTF)

Islamic Bank of Australia prides itself on living our values. Our ethical approach to banking means that we make all endeavours to do what is right for our customers, and the community we live in.

Criminals may seek to use financial institutions and the services they provide to disguise the source or destination of their money, and to make it appear legitimate. Islamic Bank of Australia is committed to upholding all laws and regulations that apply to us. This includes identifying, mitigating and managing Money Laundering (ML) and Terrorism Financing (TF) risk.

Money Laundering and Terrorism Financing risk is the risk that customers use Islamic Bank Australia’s products, services, and channels to conceal illegitimate (“dirty”) funds. Money laundering is the processing of criminal profits (“cleaning”) to disguise their illegal origin. Terrorism financing includes the financing of terrorist acts, and of terrorists or terrorist organisations.

Islamic Bank Australia has implemented an AML/CTF Program that sets out how we comply with the requirements of the AML/CTF Act 2006, and the AML/CTF Rules Instrument 2007. We have also developed supporting policies and procedures to make sure that our colleagues have clear guidance on what is required to comply with the Program. This includes:

  • making sure that we know that our customers are who they say they are, through following all required KYC (Know Your Customer) procedures
  • making sure that this information is up to date and relevant and obtaining additional or updated information where this is necessary
  • having processes in place to be able to identify any unusual customer behaviour and where appropriate, to submit reports about this unusual behaviour to AUSTRAC
  • understanding the ML/TF risks and vulnerabilities within our products, services, and distribution channels, and putting in place controls to reduce these.

We also have an AML training program in place to make sure that Islamic Bank Australia employees receive relevant and continuing training suitable to their roles.

The Islamic Bank Australia AML/CTF Program is approved by our Board and is subject to periodic independent review.

If you require more information about how Islamic Bank Australia is managing ML and TF risks please contact us either on-line or speak to one of our dedicated colleagues.

Reach out to us via any of the following means:

Email: [email protected]
Phone: 1300 ISLAMIC (1300 475 264)
Write to us at Level 14, 32 Smith Street, Parramatta 2150.

We're not open for business yet. We're a "Restricted ADI" which allows us to build our systems and test our products before 5 July 2024. We then plan to obtain APRA approval to launch publicly.

Join our waiting list and we'll let you know the moment we're ready.

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ABOUT   CONTACT   CAREERS   FAQ

LEGAL STUFF

WHAT'S A RESTRICTED ADI?
PRIVACY POLICY
WEBSITE TERMS OF USE
COMPLIMENTS AND COMPLAINTS
FIGHTING MONEY LAUNDERING AND TERRORISM FINANCING
Important regulatory notice

We hold a restricted ADI authorisation granted by the Australian Prudential Regulation Authority (APRA). This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total. The purpose of the “restricted” status is that we can test our systems and processes before launching as a fully unrestricted bank.

We do not currently meet the full prudential framework and/or requirements, and you should consider this before depositing funds with us. After the completion of our “restricted” phase, we plan to obtain APRA’s approval so that we can publicly launch.

Acknowledgement of Country

We acknowledge the Aboriginal and Torres Strait Islander peoples as the first Australians and Traditional Custodians of the lands where we live, work and bank.  Our corporate head office is in Darug Country. We pay our respects to Elders past, present and emerging.   

ABOUT   CONTACT   CAREERS   FAQ

LEGAL STUFF

WHAT'S A RESTRICTED ADI?
PRIVACY POLICY
WEBSITE TERMS OF USE
COMPLIMENTS AND COMPLAINTS
FIGHTING MONEY LAUNDERING AND TERRORISM FINANCING
Important regulatory notice

We hold a restricted ADI authorisation granted by the Australian Prudential Regulation Authority (APRA). This authorisation allows us to offer banking services, but is subject to certain restrictions such as a cap on the amount of deposits that we can hold in total. The purpose of the “restricted” status is that we can test our systems and processes before launching as a fully unrestricted bank.

We do not currently meet the full prudential framework and/or requirements, and you should consider this before depositing funds with us. After the completion of our “restricted” phase, we plan to obtain APRA’s approval so that we can publicly launch.

Acknowledgement of Country

We acknowledge the Aboriginal and Torres Strait Islander peoples as the first Australians and Traditional Custodians of the lands where we live, work and bank. Our corporate head office is in Darug Country.  We pay our respects to Elders past, present and emerging.   

Copyright © Islamic Bank Australia Pty Ltd. ABN 37 609 971 280. AFSL and ACL 534355. AFCA member 76324.

Information on this website does not take your personal circumstances, needs or objectives into account. Please consider its appropriateness for you.   We are not yet open for business.  We are a Restricted ADI and do not yet meet the full prudential framework, and you should consider this before banking with us once we are open for business.  Fees and charges may apply, as well as terms and conditions which you should review. Information on this website is subject to change. In order to open a credit product in future, you will need to meet our credit criteria and be approved.  Please review the product disclosure documentation provided at the time of opening your account for detailed information.