Amendments to federal Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws now require firms like ours to complete additional identity checks before we can provide certain services.

These changes are designed to help prevent money laundering by criminal organisations and the funding of terrorist groups.

This page contains information on:

  • What AML/CTF is and why we have to complete identity checks

  • Which services are affected (designated services)

  • What documents you may be asked to produce

  • How the process works (to be determined)

  • Our commitment to privacy and secure data handling.

We will continue to update this page as more information comes to light.

What is AML/CTF and why are we obliged to comply?

From July 1 Australia’s AML/CTF laws expanded to cover additional professional services.

In practice, before we commence providing clients with a designated service, we need to:

  • Collect information about our clients and verify their identity

  • Understand the purpose of the matter or transaction

  • Assess and document any money laundering and terrorism financing risks

  • Keep clear records of our decisions

Important: We are legally required to undertake these activities to comply with these requirements.

Learn more about the reform

Which services are affected (designated services)

Not all services provided by our firm are subject to AML/CTF legislation. Whether AML applies depends on whether we are providing a “designated service” for your matter.

Designated services typically include where we assist with:

  • Creating or restructuring a company or legal arrangement (for example, certain entity or trust structuring work)

  • Acting on behalf of someone in certain roles or nominee arrangements for a company or legal arrangement

  • Buying, selling or transferring a company or legal arrangement (for example, aspects of a business sale or transfer)

  • Selling or transferring a shelf company

At the start of each matter, we’ll confirm whether the work involves a designated service and what level of checks are required.

Learn more about designated services

What documents might I be asked to produce?

The amount of documentation you are required to provide will depend on the AML/CTF risks associated and the services being performed. Typically, clients will be required to provide the following documents:

  • Photo ID (for example, passport or driver’s licence)

  • Proof of address (for example, utility bill or bank statement)

  • Company, trust or SMSF documents (if relevant)

  • Ownership and control information for complex entities

  • Source of funds information (for higher-risk matters)

If you are acting for a company, trust or other structure, we will need to identify and verify the individuals who ultimately own or control it.

Key Data Security Point: We will not hold copies of any of these documents. You will provide these via a secure platform purely for this verification process.

Who needs to verify their identity?

For different designated services we need to verify the identity of people in certain roles.

Establishment of new Discretionary Trusts

  • Each named adult primary beneficiary
    the identity of any person on whose behalf the trust is receiving the designated service. This includes all beneficiaries of the trust or, if they can’t be individually identified, each class of beneficiaries

  • Each individual trustee *
    the identity of any person acting on behalf of the customer and their authority to act. This includes any trustee of the trust and other representative that will engage with you in relation to your designated services

  • Each individual appointor, guardian or protector (however named).*
    the identity of any beneficial owners of the customer. This includes the identity of all individual trustees (established above) and the beneficial owners of trustees who aren't individuals (for example, corporate trustees), settlors, appointors, guardians, protectors and any other individual with control over the trust including, in some cases, beneficiaries

  • Settlor (only if settled sum is over $10,000)

Establishment of new company

  • Each individual director
    the identity of any person acting on behalf of the customer and their authority to act

  • Each shareholder that owns 25% of more of the shares; *
    the identity of any beneficial owners of the customer

  • Each shareholder that has less than 25% of the shares but who controls the customer (via special voting rights or other means)*
    the identity of any beneficial owners of the customer

Establishment of new Unit Trusts

  • Each individual trustee*
    the identity of any person acting on behalf of the customer and their authority to act. This includes any trustee of the trust and other representative that will engage with you in relation to your designated services

  • Each unitholder that owns 25% of more of the units;*

  • Each unitholder that has less than 25% of the units but who controls the customer (via special voting rights or other means)*
    the identity of any beneficial owners of the customer. This includes the identity of all individual trustees (established above) and the beneficial owners of trustees who aren't individuals (for example, corporate trustees), settlors, appointors, guardians, protectors and any other individual with control over the trust including, in some cases, beneficiaries

*If these roles are filled by a company, see company requirements.

* For all roles that are filled by existing trusts or companies, ASIC extract and copies of trust deeds, constitutions and all variations of these documents will need to be provided. 

What questions might I be asked?

As part of our AML/CTF obligations, we may you for additional information to help us verify your identity, understand who we are acting for, and determine whether any additional due diligence is required.

This may include asking whether you, your representative, or your immediate family members or close associates are or have been politically exposed persons (PEPs).

A PEP is generally someone who holds, or has held, a prominent public position in Australia, overseas, or in an international organisation. This can include senior politicians, judges, ambassadors, senior military officers, senior government officials, and senior officers of state-owned entities or international organisations.

Below are definitions of different types of politically exposed persons (PEPs). Consider if you or your representative are a politically exposed person.  

Note: Family members and close business associates of persons who hold one of these positions are also considered politically exposed persons.

  • A foreign PEP is an individual who holds or has held a prominent office or position or public function in or for the legislature, executive or judiciary of a foreign country.  

    This includes an individual who holds or has held any of the following offices or positions: 

    • head of state or head of government 

    • member of the executive council of government 

    • member of a legislature 

    • minister, deputy minister or equivalent office or position 

    • judge of a supreme court, constitutional court or other court of general jurisdiction or last resort 

    • ambassador, high commissioner or charge d’affaires  

    • high ranking military officer 

    • head or board member of a government body 

    • head or board member of a state‑owned company or a state‑owned bank 

    • member of a governing body of a political party represented in a legislature. 

    A foreign PEP is also a family member of an individual listed above or an individual who is known (based on information that’s public or readily available) to have: 

    • joint beneficial ownership of a body corporate or legal arrangement with an individual listed above 

    • sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual listed above 

    • any other close business relations with an individual listed above. 

  • A domestic PEP is an individual who is in or has been in the following office or position: 

    • member of the legislature of the Commonwealth or a state or territory 

    • member of the governing body of a political party represented in the legislature of the Commonwealth or a state or territory 

    • Governor‑General 

    • governor of a state 

    • administrator of a territory 

    • Justice of the High Court 

    • Judge of the Federal Court of Australia 

    • Judge of the Supreme Court of a state or territory 

    • accountable authority, or member of the accountable authority, of a Commonwealth entity within the meaning of the Public Governance, Performance and Accountability Act 2013 (PGPA Act) (for example a Secretary of a Department of State or parliamentary department) 

    • member of the governing body of a wholly‑owned Commonwealth company within the meaning of the PGPA Act 

    • head (however described) of a department of state or territory, or an agency or authority of a state or territory that has a prominent public function 

    • head (however described) of a local government council in a state or territory 

    • the chair of the board, chief executive officer or chief financial officer of a company or other incorporated body that’s wholly‑owned or majority‑owned by a state or territory 

    • Chief of the Defence Force, Vice Chief of the Defence Force, Chief of Navy, Chief of Army or Chief of Air Force 

    • officer of the Navy of the rank of Vice Admiral or a higher rank 

    • officer of the Army of the rank of Lieutenant General or a higher rank 

    • officer of the Air Force of the rank of Air Marshal or a higher rank 

    • any of the following offices of the Commonwealth in a foreign country, or to a public international organisation, to which appointments are made by the Governor‑General: 

      • Ambassador 

      • High Commissioner 

      • Consul‑General 

      • Australian representative 

      • special representative 

      • representative 

      • permanent representative 

      • Chargé d’Affaires.  

    A domestic PEP is also a family member of an individual listed above, or an individual who is known (based on information that’s public or readily available) to have: 

    • joint beneficial ownership of a body corporate or legal arrangement with an individual listed above 

    • sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual listed above 

    • any other close business relations with an individual listed above. 

  • An international organisation PEP is an individual that is entrusted or has been entrusted with a prominent public function, position or office of a public international organisation. This includes a head, deputy head or board member in a public international organisation, such as a United Nations body. 

    An international organisation PEP is also a family member of one of these individuals, or an individual who is known (based on information that’s public or readily available) to have: 

    joint beneficial ownership of a body corporate or legal arrangement with an individual entrusted with a prominent public function, position or office of a public international organisation 

    sole beneficial ownership of a body corporate or legal arrangement on behalf or for the benefit of an individual entrusted with a prominent public function, position or office of a public international organisation 

    any other close business relations with an individual entrusted with a prominent public function, position or office of a public international organisation. 

  • A family member includes: 

    • a spouse, de facto partner, or equivalent under any applicable law of a foreign country, of the individual 

    • a child of the individual 

    • a spouse or de facto partner, or equivalent under any applicable law of a foreign country, of a child of the individual 

    • a parent of the individual. 

Learn more about PEP's from AUSTRAC

Our Commitment to privacy and secure data handling

We take privacy and data security seriously. Information you provide is handled in accordance with:

  • Australian privacy laws

  • Our professional confidentiality obligations

  • AML/CTF regulatory requirements

Your data is used only for identity verification, compliance checks and onboarding purposes. We do not use it for marketing and we don’t sell or trade client data.

We have integrated a third-party identification platform called First AML to perform these checks and do not store your personal identification documents.

All data transmitted and stored via the First AML platform is encrypted both in transit and at rest using the industry standard AES-256 encryption algorithm to encrypt data. First AML production data and systems are hosted in Amazon Web Services (AWS), and physical security is managed by AWS at the Perimeter, Infrastructure, Data and Environmental layers.

Learn more about First AML Security