PROOF OF WHO YOU ARE AND OWNERSHIP
Enhanced Anti-Money Laundering and Counter Terrorism Finance rules (AML-CTF), now mean the banks, real estate agents, accountants, and lawyers all need to further identify their clients formally from 1 July 2026.
Financial Advisers have been required to formally identify clients for several years but are now also required to update identification as part of the enhanced legislation. This also now relates further regarding ownership of investment assets and transactions.
Depending on when your accounts were established and transactions occurred you may need to be identified again, any company you may have, any trust or partnership, directorships, may need to be identified again. Financial advisers have had to do this for several years and now have a transition period compared to other professions.
Please note and understand your original identification documents need to be sighted and verified or a certified copy of such received under these new rules when dealing with financial matters. This is for the protection of the Australian Financial System, Australian Federal Law, and the Australian Taxation Office.