Investment, Insurance, Superannuation
As part of recent AML/CTF regulatory reforms, we are strengthening our identification and verification (ID&V) requirements for customers.
Historically, customers who had accounts opened before 12 December 2007 (or 31 January 2008 for some products) were able to access services without completing identification requirements. This exemption will be removed as of 17 August 2026.
These changes align to broader industry reforms and reflect an uplift in the collection of identification, particularly in response to increased vulnerability to fraud and account takeover risks.
What this means for advisers
From the 17 August 2026, withdrawal forms will be updated to remove references to pre‑commencement customers and any associated exemptions from ID&V.
In practice, this means customers will need to complete ID&V where it has not previously been undertaken, including for withdrawal requests submitted but not yet processed. This may still require certified copies of customer ID in order to verify your clients, such as updating a bank account, if other methods of authentication aren’t sufficient.
Any questions?
If you have any questions or would like further information, please: