29/05/2020
DOMESTIC VIOLENCE ASSISTANCE TO ACHIEVE FINANCIAL INDEPENDENCE
This week the Australian Government announced a new rule to assist people fleeing domestic and family violence to gain financial independence.
Under the rule, if a customer cannot produce their driver’s license or birth certificate, or show a different address, banks and other regulated businesses can use alternative ways to verify their customer’s identity.
Financial abuse is a form of family and domestic violence and will be experienced by over 2 million Australians over their life-time, with 63% of women experiencing financial stress having a background of financial abuse. The abuser uses violence and intimidation to restrict access to a person’s bank accounts, prevent them from working or accessing benefits, or withholds living expenses from them or their children.
This rule acknowledges that having a bank account independent of an abuser is essential for those who are leaving or have left an abusive relationship.
Further, when fleeing a violent situation it is often not possible to collect documents, or these are sometimes deliberately withheld by a perpetrator. This can make proving an identity to usual bank standards a very difficult barrier to financial independence.
Banks and other regulated businesses can now use referee letters, government correspondence and customer self attestation declarations to prove a customer’s identity.
This is a much welcomed change that will help victims fleeing violent circumstances who are too scared to return for their personal papers.
