FAAA introduces new customer ID forms to help advisers navigate AML/CTF reforms

The FAAA has launched updated customer identification forms to help advisers meet the most significant changes to the Anti-Money Laundering/Counter Terrorism Financing (AML/CTF) regime in nearly twenty years.

The forms were developed in conjunction with the FSC to assist AFS licensees, financial advisers and product providers in meeting their legal customer identification obligations under the Initial Customer Due Diligence (ICDD) reforms, and under the previous Applicable Customer Identification Procedures (ACIP) requirements for those still transitioning to the new AML/CTF standards.

Phil Anderson, general manager – policy, advocacy and standards at the FAAA, says the new FAAA/FSC customer ID forms, which are free for FAAA and FSC members, are an invaluable tool to help advisers standardise and manage their AML/CTF obligations.

“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,” Anderson says.

FAAA SafeID, introduced late last year, is a digital client identification solution for advisers to identify and verify their clients, and run instant politically exposed person (PEP) and sanctions checks, to meet the mandatory AML/CTF obligations.

The first tranche of AML/CTF reforms were introduced on 31 March 2026 as a new framework requiring entities to identify and mitigate their money laundering and terrorism financing risk. The AML/CTF obligations apply to all AFS licensees.