New Identity Verification Requirements from 1 July 2026

Australia's financial crime prevention framework is changing - and those changes directly affect how we work with you. As part of the federal government's Tranche 2 reforms to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act), accounting and business advisory firms like Accumen will be required to implement identity verification processes for all clients from 1 July 2026.

These reforms bring Australia into line with international standards set by the Financial Action Task Force (FATF) and extend AML/CTF obligations to a broader range of professional services providers - including accountants, lawyers, and financial advisors. AUSTRAC, Australia's financial intelligence agency, is overseeing the implementation of these changes.

We want to be transparent about what this means for you and your business relationship with us.

These are standard legal requirements

We want to be clear: identity verification checks are not unique to Accumen, nor are they a reflection of any concern about individual clients. These checks are a standard legal requirement and will apply to many customers across many services, nationwide.

Banks, financial institutions, and now professional services firms are all required to implement Know Your Client (KYC) procedures under the updated AML/CTF framework. This is simply part of how responsible businesses operate in a modern, regulated environment.

What information may we ask for?

Depending on the nature of the services you receive, we may ask you to provide:

For individuals: full legal name, date of birth, and a government-issued photo ID (such as a driver's licence or passport).

For businesses and entities: company name, ABN/ACN, registered address, and details of beneficial owners — that is, individuals who ultimately own or control the entity.

For trusts and SMSFs: trust deed details, trustee identification, and beneficiary information where applicable.

We will handle all information collected in accordance with our Privacy Policy and applicable Australian privacy legislation.

What happens if information changes?

If your circumstances change - for example, if there are changes to your business structure, ownership, or contact details - you will be required to notify us so we can update your records. Keeping your information current is an ongoing obligation under the new framework, not a one-off exercise.

Our commitment to you

Accumen is committed to making this process as smooth and straightforward as possible. We will contact existing clients ahead of the 1 July 2026 commencement date to confirm what, if anything, we need from you. For new clients, identity verification will form part of our standard onboarding process.

If you have any questions about these changes, what information may be required, or how your data will be used and stored, please don't hesitate to get in touch with our team.