Why We May Ask You to Verify Your Identity | AML
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If you’ve been a Smith Shearer client for years, you might wonder why we’re suddenly asking you to verify your identity.
It’s part of changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements, which now apply to certain professional services provided by accounting firms.
For most clients, there won’t be a big change in the way you work with us. But you may notice a few extra checks along the way, including requests to verify your identity.
Why Have the Requirements Changed
AML/CTF laws are designed to help prevent legitimate businesses and professional services from being used to move, hide or disguise money linked to criminal activity.
From 1 July 2026, the AML/CTF regime expanded to include certain professional services. This means accounting firms providing these services now have additional obligations around customer due diligence, record keeping and understanding who they are providing services to.
In simple terms, we need to make sure we know who our clients are and that the information we hold is appropriate and up to date.
What Does This Mean for Existing Smith Shearer Clients
As part of the way we are implementing the new requirements, existing clients may receive an email asking them to complete an electronic identity verification.
You may be asked to do this even if you have provided identification to us previously.
For most existing clients, this may mean:
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Receiving an email from us with a secure identity verification request
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Completing the verification online
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Not needing to bring your identification into the office again
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Contacting our team if you are unsure about the request or need a hand completing it
Receiving one of these requests doesn’t mean there is a problem with your account or the work we are doing for you. It is simply part of the checks we now need to have in place.
What About New Clients
For new clients, the process may look slightly different.
This may include:
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Sighting your identification when you first start working with us
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Completing an electronic identity verification through our AML/CTF system
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Providing additional information about a business, trust, company or other entity where required
The exact information we need will depend on the type of work we are completing.
What Do You Need to Do
If you receive an identity verification request from Smith Shearer, please follow the instructions in the email and complete it when you can.
If something doesn’t look right, you’re unsure whether an email is genuinely from us, or you’re having trouble completing the verification, please give our team a call before providing any information.
These changes are becoming part of the normal process for accounting and other professional services, and we’ll help make the process as straightforward as possible.
If you have any questions about what information we need from you or why we’re asking for it, please get in touch with the Smith Shearer team.
