New Identity Verification Requirements: What Ascent Clients Need to Know.

From 1 July 2026, new anti-money laundering laws require us to verify your identity before certain services begin — here's what to expect. 

If you've noticed your bank or insurer asking you to verify your identity recently, you're already familiar with this process. Now, the same requirements are coming to accounting and advisory firms — including us. 

From 1 July 2026, Ascent Accountants has a legal obligation to verify the identity of our clients before we can provide certain services. This applies to new and existing clients alike, and it's not something we have discretion over — it's the law. 

Here's what's changing, what to expect, and why it matters. 

Why Is This Happening? 

These requirements are administered by AUSTRAC, Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regulator. The reforms exist to prevent accounting and advisory services from being used — wittingly or not — to facilitate money laundering, organised crime, and terrorism financing. 

This isn't about suspicion. It's about protecting the integrity of the financial system and ensuring all professional services firms meet the same standard. Banks, insurers, and financial planners have been doing this for years. From 1 July 2026, accountants are included. 

What Will We Ask For? 

Before certain services can begin, we are legally required to verify your identity under two regulatory frameworks: the Tax Practitioners Board (TPB) guidelines and the new AML regulations. We've combined these into one client identity verification check — so you only need to do it once. 

What we need depends on the nature of the service: 

• Individuals: Typically your full name, date of birth, and residential address. 
• Companies, trusts, and other entities: We may also need to identify directors, key shareholders, and beneficial owners. 

The level of verification required can also vary during an engagement, depending on how the work evolves and your particular circumstances. In some situations, we may need to ask additional questions about the source or purpose of funds involved in a transaction. If that applies to your situation, your accountant will explain exactly what's needed and why. 

How the Process Works. 

We conduct identity verification through FirstAML, a purpose-built AML platform used by professional services firms across accounting, legal, and financial services. 

Here's what to expect: 

• You'll receive a secure digital request via email from the FirstAML platform. 
• The verification is completed online — quickly and remotely — without needing to come into the office. 
• If digital verification doesn't suit your situation, please speak to your accountant and we'll discuss alternatives. 

What Does This Mean for New Clients and New Entity Setups? 

For new clients, identity verification will be completed as part of the onboarding process before we can begin any work. For most people, this is quick and straightforward — but it's worth knowing upfront. 

For new entity setups — such as establishing a company, trust, or SMSF — the requirements are more involved. We'll need to identify not just the primary contact but also directors, shareholders with significant control, and beneficial owners of the structure. This may involve additional documentation, but we'll guide you through every step. 

What About the Extra Work and Cost? 

We want to be upfront: identity verification involves additional work, and for more complex situations — particularly new entity setups — this is reflected in our fees. For most individual clients, the process is straightforward and the impact is minimal. Where additional charges apply, we'll always advise you before we proceed. 

Think of it this way: the same checks you've experienced with your bank are now required of us. We've designed our process to be as smooth and low-friction as possible. 

Your Privacy. 

Any information you provide is collected securely, used only to meet our regulatory obligations and deliver the services you've requested, and handled in line with applicable privacy laws. It is not used for any other purpose. 

What to Expect in Practice. 

For most clients, this will mean a short verification step before an engagement begins — and occasionally during it if circumstances change. Our team will let you know when verification is needed, what to expect, and how to complete it. 

These reforms apply across the profession. The same checks you may have already experienced with your bank or insurer are now required of accounting and advisory firms too. 

If you have any questions about the new requirements or what they mean for your situation, please don't hesitate to reach out to your accountant directly. We're here to make this as painless as possible.