FAAA, FSC develop new AML/CTF-friendly customer ID forms

Yasmine Raso

Senior Journalist

8 May 2026

The Financial Advice Association Australia (FAAA) and the Financial Services Council (FSC) have jointly launched an updated set of customer identification forms, designed to better support advisers meet their newly revamped Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) obligations.

The first tranche of reforms to AML/CTF obligations, which were introduced on 31 March, are the first major changes the regime has seen in almost two decades according to the FAAA.

The reforms have introduced mandatory Initial Customer Due Diligence (ICDD), a new framework that requires entities to verify customer identity, identify and mitigate money laundering and terrorism financing risk, and screen for Politically Exposed Persons (PEPs) prior to providing services.

The forms are intended to support Australian financial services (AFS) licensees, financial advisers and product providers in meeting these new legal customer identification obligations under ICDD and the previous Applicable Customer Identification Procedures (ACIP) requirements for entities still making the transition to the new AML/CTF standards.

The forms – which are free for FAAA and FSC members – are an “invaluable tool” for advisers to manage the changes to their AML/CTF obligations, Phil Anderson, General Manager – Policy, Advocacy and Standards at the FAAA, said.

“The FAAA and FSC, and our respective member working groups, have worked tirelessly to ensure these ID forms will assist all users to understand the customer identification requirements, and implement the reforms in a manner that standardises the process for advice businesses, product providers and clients.

“A standardised approach is essential to promote operational efficiencies for advice businesses, particularly as advisers frequently conduct customer identification checks that are relied upon by multiple product providers. This consistency helps to reduce unnecessary inconvenience for clients, ensuring a smoother and more streamlined process for all parties involved.

“The forms are complementary with FAAA SafeID which has been designed to align with the new customer identification forms to extend this standardised approach to the digital format.”

The forms’ compatibility with the FAAA SafeID solution, launched late last year, ensures advisers are armed with all the tools necessary to verify their clients’ identification and complete any sanctions checks in order to meet their AML/CTF requirements.