What you need to know
This guide outlines what’s 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)?
The laws, regulations, and investigative measures used to detect, deter, and disrupt the financial networks that support terrorist organisations 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 is a 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 the process will look like for you
In practical terms, this means you may notice some additional steps when we onboard you as a client, establish a new entity, or provide certain 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 form part of our obligations under Australian law and apply consistently across all clients. They’re regulatory, not discretionary. Our team will work with you to make the process as straightforward as possible.
How such checks will be requested
The checks will be conducted by BGLid / Firmverify, our verification partner. It’s 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 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 comply with applicable privacy laws when handling our clients’ private and sensitive information, and we don’t use it for any other purpose.
We’re here to help
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.
The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Before acting on this information, you should carefully consider whether it is appropriate for your circumstances and seek professional advice.
