New laws mean more services need your ID

There are new laws reforming Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime. This is to make sure we enhance our ability to effectively deter, detect and disrupt money laundering, terrorism financing and proliferation financing.

In addition to the identification you already provide when you open a bank account or conduct certain transactions, you’ll need to provide information to newly regulated businesses under the Australian Government / AUSTRAC regulations.

This includes services recognised domestically and globally as high-risk for criminal exploitation.

Such as certain designated services provided by:

Real Estate
Professionals

Dealers in Precious
Stones & Metals

Lawyers

Conveyancers

Accountants

Trust & Company
Service Providers

ID you may need to provide

The type and amount of ID you’re asked for depends on the institution and the nature of your transaction.

Emmerson & Emmerson Solicitors will advise regarding the type of ID required for your particular matter.

In some circumstances just one form of photographic identification, such as your driver’s licence, will be enough if it shows your:

 Full name

 Residential address

 Date of birth

Digital driver’s licences are also an acceptable form of identification.

If you’re a sole trader or business owner,

you’ll be asked for other details, including:

 Business name

 Addresses

 Australian Business Number (ABN)

For more information regarding these new laws, you can visit the Australian Government AUSTRAC website.

LEARN MORE AT AUSTRAC →