New identity verification requirements from 1 July 2026

A significant legislative change takes effect on 1 July 2026 that will affect how we work with our clients. We wanted to make sure you hear about it from us directly, so you know what to expect and why.

What is Changing?

• As part of our obligations, we will need to verify the identity of our clients before providing certain services. This is similar to the identity checks your bank carries out when you open an account or make a significant transaction.

• Depending on the services we provide for you, we may need to collect and verify:

      Your identity — we will ask for photo identification such as a passport or driver's license

• Entity and beneficial ownership details — if a company, trust or other structure is involved, we will need to identify the individuals who ultimately own or control it, including any person who holds 25% or more ownership or exercises effective control

• Additional information — for certain engagements, we may need to ask where funds or wealth originated from

• We are writing to all clients so that you are informed and not caught off guard when we do reach out. Not every client or every service will require these checks right away.

How the process works

When verification is required, a member of our team will contact you to explain exactly what is needed. We will send you a secure link to an online portal where you can upload the required documents easily from your phone or computer. The process is straightforward and typically takes only a few minutes.

You may also receive similar requests from your solicitor, bank or other professional advisers. This is normal — the same legislation applies across professional services.

Your Privacy 

• Protecting your privacy is important to us. All information collected for AML/CTF purposes will be managed in accordance with the Privacy Act 1988 and the Australian Privacy Principles. The information will only be used to meet our legal obligations, stored securely, and not shared except where required or permitted by law.

What you need to do right now

Nothing — you do not need to take any action at this stage. We will be in touch when we need to collect your information. In the meantime, if you have any questions about these changes or how they might apply to your situation, please reach out to your adviser.

Further information about the AML/CTF reforms is available on the AUSTRAC website at https://www.austrac.gov.au/general-public/why-you-might-be-asked-id

Any Questions? - Get in touch with the team

Clear Accounting Solutions

www.clearaccounting.net.au

07 56795815