From 1 July 2026, William Buck has a legal obligation to verify the identity of our clients before we can provide certain services. This applies to new and existing clients alike.
These requirements are administered by AUSTRAC, Australia’s Anti-Money Laundering/Counter-Terrorism Financing (AML/CTF) regulator. They exist to prevent accounting and advisory services from being used – wittingly or not – to facilitate money laundering, organised crime, and terrorism financing.
What we’ll ask for
Before certain services can begin, we are legally required to verify your identity under two regulatory framework sets: the Tax Practitioners Board (TPB) guidelines and AML regulations. We have combined these requirements into one client identity verification check.
What we need depends on the nature of the service. For individuals, this typically means confirming your name, date of birth, and residential address. For companies, trusts, and other entities, we may also need to identify directors, key shareholders, and beneficial owners.
The level of verification required can also vary during an engagement, depending on how the work evolves and your particular circumstances. In some situations, we may need to ask additional questions about the source or purpose of funds involved in a transaction. If that applies to your situation, your William Buck adviser will explain what’s needed and why.
How we’ll do it
We conduct identity verification through FirstAML, a purpose-built AML platform used by professional services firms across accounting, legal, and financial services. You’ll receive a secure email digital request through the platform from William Buck; this allows verification to be completed quickly and remotely in FirstAML.
If digital verification doesn’t work for your situation, please speak with your William Buck adviser to discuss alternatives.
Your privacy
Any information you provide is collected securely, used only to meet our regulatory obligations and deliver the services you’ve requested, and handled in line with applicable privacy laws. It is not used for any other purpose.
What this means in practice
For most clients, this will mean a short verification step before an engagement begins – and occasionally during it. Our team will let you know when verification is needed, what to expect and how to complete it.
These reforms apply across the profession. The same checks you may have already experienced with your bank or insurer are now required of accounting and advisory firms too.
For more information, speak with your local William Buck adviser or visit the AUSTRAC website.
