ANZ Announces Changes to Customer Information Disclosure and Tax Obligations

Australia and New Zealand Banking Group Limited (ANZ) has made several significant changes to its customer information disclosure policies and tax obligations, effective immediately.

As part of the new policy, ANZ will be disclosing customer information to various parties, including:

Correspondents
Referees
Employers
Representatives
Joint account holders
Providers of guarantees or credit support
Professional advisors
Credit reporting bodies

The bank may also share this information with recipients located outside of Solomon Islands.

Taxes

ANZ has clarified its tax obligations, stating that all fees and charges are exclusive of taxes unless otherwise agreed upon. The bank will automatically add Goods Tax (GT) to applicable transactions, calculated at the prevailing rate. This additional amount must be paid by the customer without deduction or set-off.

Compliance with Law and Central Bank Regulations

All transactions involving Solomon Island Dollars or foreign currency will be subject to applicable laws and central bank regulations. Correspondents are required to provide ANZ with necessary approvals and registrations to effect any payment, exchange, or conversion of currency.

Minimum Balance Requirements

Correspondents are responsible for maintaining minimum balances in their accounts, failure to do so may attract service charges that will be deducted from the account.

Conversion Risk

ANZ has warned correspondents that its services involve exchange and other risks associated with foreign currency transactions. The bank will not be responsible for any losses or damages incurred by correspondents due to these risks.

Account Number Precedence

A new clause has been added to ANZ’s terms and conditions, stating that a correspondent releases the bank from liability for any errors or omissions in its instructions.

Compliance with Law

Correspondents are required to have adequate “know-your-customer” policies and procedures in compliance with applicable laws. They must also provide necessary information regarding themselves and beneficiaries upon request by ANZ.

Unclaimed Moneys

If a correspondent does not operate their account for 10 years or more, ANZ may be required by law to send the funds held in the account to the Central Bank as unclaimed money. Correspondents can reclaim their money at any time but are advised to operate their accounts regularly to avoid inconvenience.

Blocked Accounts

In the event that an account is declared a blocked account under the Exchange Control Regulations, ANZ may refuse to act on any instructions or make payments from the account.

Conclusion

The changes aim to enhance transparency and compliance with relevant laws and regulations. Correspondents are advised to review and understand these new terms and conditions to ensure uninterrupted service and compliance with their obligations.