Many people are surprised to learn that proving their identity can become a significant hurdle when dealing with legal, financial, or property matters. With the introduction of stronger Anti-Money Laundering (AML) requirements across Australia, having sufficient identification is becoming increasingly important.
AML laws are designed to prevent fraud, identity theft, money laundering and other financial crimes. These requirements apply to many organisations, including banks, financial institutions and legal professionals. As a law firm, we are required to comply with these obligations and, amongst other requirements, verify the identity of our clients before certain matters can proceed.
Importantly, these identification requirements are not simply a policy created by our firm, they are regulatory obligations imposed on us by law. While many clients associate identity verification with property transactions, AML requirements are becoming increasingly common across a wide range of legal and financial services.
If we are unable to verify a client’s identity, we may be legally prevented from progressing their matter until the required identification has been provided. This can cause delays at critical times, particularly when clients need urgent assistance.
For this reason, we encourage all clients to check they hold sufficient identification now, rather than waiting until a legal issue arises. A common challenge we encounter is that clients do not have enough current identification documents to satisfy the 100-point identification requirements.
If you do not currently have sufficient identification, consider taking steps now to obtain or update your documents. This may include:
- Ordering a replacement or certified copy of your birth certificate through Births, Deaths and Marriages Victoria (www.bdm.vic.gov.au)
- Obtaining an official marriage certificate if you have changed your name and require evidence of that change
- Ensuring your Australian passport remains current and renewing it before it expires
- Applying for or updating a Victorian Driver Licence through VicRoads (www.vicroads.vic.gov.au)
- Obtaining a Victorian Proof of Age Card through Service Victoria if you do not hold a driver’s licence (www.service.vic.gov.au)
Many of these documents can take several weeks to obtain, particularly replacement certificates. Waiting until a legal matter arises can create unnecessary delays and stress.
Having 100 points of identification available is beneficial for much more than legal matters. Identification documents are commonly required when opening bank accounts, applying for finance, verifying identity with government agencies, preparing Powers of Attorney, managing estates, accessing superannuation, and dealing with a wide range of other personal and business transactions.
We also recommend keeping your original identification documents in a secure but easily accessible location. Knowing where your passport, birth certificate, marriage certificate and other important documents are stored can save valuable time when identification is required.
Being proactive today can prevent unnecessary delays tomorrow. By ensuring you have sufficient and current identification available, you will be better prepared when important legal, financial or personal matters arise. Taking a few simple steps now may save considerable time, expense and frustration in the future.
