FYI all of this is driven by Austrac see here:...

FYI all of this is driven by Austrac see here: https://www.austrac.gov.au/business...mer-identification-and-due-diligence-overview

Effectively gone are the days of simply providing an ID to open an account. Organisations now have ongoing obligations to ensure the information they hold on their customers is accurate and up to date. This can be as little as asking you to confirm you name, address and occupation are up to date or to the extent some posters have mentioned above. Austrac rules are tightenting around understanding the purpose someone holds an accounts, their source of funds and additionally source of wealth.

You may close an account with an existing bank but don't be surprised if someone else now asks these additional questions upfront or afterwards.