Updated AUSTRAC Guidance on Non-Standard Identification

AUSTRAC-regulated entities are reminded of the updated guidance issued in April 2025, which aims to assist in identifying customers without standard forms of identification. This guidance facilitates financial inclusion for vulnerable or diverse individuals while ensuring ongoing compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations. The updates clarify;

  • that alternative identification can be used for customers beyond low ML/TF risk scenarios,
  • provided associated risks are effectively managed,
  • and offer flexibility for recently expired documents or long-term barriers to standard identification. Read more here.

Policies affected: AML/CTF Program

Organisations affected:  Regulated entities

Vigilance on Adviser Registration Status

Australian Financial Services Licensees (AFSLs) are strongly reminded of their critical obligation to ensure all financial advisers providing personal advice to retail clients are properly registered with ASIC. Recent enforcement actions highlight ASIC’s proactive approach in pursuing licensees whose advisers provided advice while unregistered. This registration requirement, in effect since February 16, 2024, is a fundamental consumer protection mechanism. This ensures advisers meet competency and fitness-for-purpose standards. Read more here.

Policies affected: Adviser Registration/Appointment or onboarding Policies

Organisations affected:  AFSL holders with advisers providing personal advice to retail clients

Contact MIntegrity today for a confidential consultation and expert regulatory support.

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