The Final AML/CTF Rules 2025 were tabled in Parliament on 29 August. Most headlines have focused on banks and financial services, but there’s an important angle for individuals too.
The Rules are clear:
👉 Everyone must be identified and verified before receiving financial or professional services.
That means:
✅ Opening a bank account, applying for insurance, or buying property – expect stronger ID checks.
✅ Using an accountant or tax agent – your identity will need to be verified, even for a simple return.
✅ Engaging with financial planners, crypto services, or legal structures – you’ll be asked for more detail, including former names or beneficial ownership links.
Even if you’re considered low risk, verification isn’t optional. This is about creating a standard baseline of trust across the economy.
For individuals, it means more steps at the start – but also greater protection against fraud, scams, and misuse of personal details. For service providers, it means building seamless digital ID solutions that don’t frustrate clients.
📌 The overlooked point:
Compliance obligations now touch every Australian individual, not just institutions. Verifying who you are, comes first.
Do you see this as added red tape, or as a necessary safeguard in a digital economy?
#AML #CTF #Compliance #FinancialServices #DigitalIdentity #RegTech