New ID verification requirements: a guide for clients

From 1 July 2026, new identity verification obligations apply to accounting and business advisory firms in Australia under expanded anti-money laundering and counter-terrorism financing laws.

These reforms are part of broader changes to Australia’s AML/CTF framework and bring a number of professional services, including accounting, legal, real estate and trust and company service providers, within AUSTRAC’s regulatory regime from 1 July 2026.

Why are these changes being introduced?

The purpose of the reforms is to help prevent professional services from being used, intentionally or unintentionally, for money laundering, terrorism financing or other serious financial crime. Similar identity checks are already common when dealing with banks, insurers and other regulated organisations.

What does this mean for our clients?

For most of our ongoing tax and compliance work, there may be little or no change. However, if we are assisting with certain services, we may be required to complete identity verification and related checks before we can commence or continue the work.

These checks may apply to individuals, companies, trusts and other entities, and may include directors, shareholders, beneficial owners, trustees or authorised representatives, depending on the nature of the engagement.

When might identity verification be required?

You may be asked to complete verification if we are assisting with services such as:

• Establishing or restructuring companies, trusts or other entities
• Buying, selling or transferring a business, property or legal structure
• Managing, receiving or holding client funds, assets or accounts
• Assisting with debt or equity financing, capital raising or loan structuring
• Providing certain corporate secretarial, registered office or nominee services

What information may be requested?

The information required will depend on the type of client, the service being provided and the level of risk associated with the engagement. In some cases, we may ask you to confirm personal details, provide identification documents, verify ownership or control of an entity, or supply supporting information about a transaction.

Where possible, we will use secure digital verification tools to make the process simple and efficient.

Your privacy and security

We understand that identity information is sensitive. Any information requested will be used only for compliance and service delivery purposes and handled securely in line with our privacy obligations.

What should you do?

If we need you to complete identity verification, we will contact you directly and explain exactly what is required. Responding promptly will help us continue assisting you without unnecessary delay.

If you have questions about these changes or how they may apply to your circumstances, please contact your Brentnalls SA client manager.