Documents that count
- Individuals: driver licence, passport or other government photo ID, sighted or certified.
- Companies: current ASIC extract plus ID of directors and beneficial owners.
- Trusts: the deed, plus ID of trustees and beneficiaries.
- Estates and powers of attorney: the grant or the instrument, plus ID of the person acting.
What to record
- Document type and number, who verified it and when.
- Risk rating and reasons.
- Purpose of the relationship.
- Next review date.
Vendors you never meet
Common in real estate. Use certified copies or an electronic identity check, note that the client was not met face to face, and rate the risk a notch higher.
Questions people ask
- Is a scanned licence emailed by the vendor enough?
- On its own, no. An uncertified scan is not reliable and independent. Sight the original, use certified copies or an electronic verification service.
This guide is general information for real estate agents, buyers agents, property managers, not legal advice. Check AUSTRAC's current guidance for your situation.