This guide outlines what is changing, why these changes are being introduced, and the simple steps you can take to help ensure a smooth and seamless experience.
From 1 July 2026, DPM has a legal obligation to verify the identity of our clients before certain services can be provided. These requirements are stipulated by AUSTRAC (the Australian Transaction Reports and Analysis Centre), Australia’s Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) regulator.
What is Anti Money Laundering (AML)
It means the steps financial institutions and businesses take to stop illegal money from being used or hidden in the financial system.
What is Counter-Terrorism Financing (CTF)
It means the steps taken to stop money from being used to support terrorism or extremist activities.
Why is AUSTRAC regulating firms like DPM
Australia is updating its laws to meet international AML/CTF standards set by the Financial Action Task Force (FATF, global organisation that creates international standards for AML and CTF) and avoid falling behind other countries. This is applicable to all professional services firms across whole of Australia and brings us in line with the banking / lending institutions.
What will the process look like for you
In practical terms, this means you may notice some additional and duplicated steps when we onboard you as a client, establish a new entity, or provide certain additional services. These may include requests for identification (such as photo ID), completion of a short form, and, where required, follow-up questions to clarify information.
These requirements are regulatory. They are not discretionary, and form part of our obligations under Australian law. Our team will work with you to ensure the process is as straightforward and efficient as possible.
How will such checks be requested
The checks will be conducted by BGLid / Firmverify, who we have partnered with. It is a trusted platform and you will receive a digital (email) request from DPM where you will be able to upload identity and other requested documents securely. BGLid / Firmverify will remotely complete the checks on the identity documents uploaded by you.
If digital verification doesn’t work for you, please speak with your DPM Consultant to discuss alternatives.
How do we ensure your information remains private and confidential
The collected identity and other related documents will be securely collected and stored to meet our regulatory obligations in order to deliver the services you have requested. We ensure we comply with the applicable privacy laws when handling our client’s private and sensitive information and that it is not utilised for any other purpose.
Any questions
If you have any questions about our new identity verification process, please reach out to your DPM consultant or call us on 1800 376 376.
