For individuals
Full legal name, residential address, date of birth and suitable identification such as a driver's licence or passport.
KYC / AML explainer
Why your accountant may ask for identification and more information.
These checks help confirm who we are working with, understand the entities and people involved, and meet professional and regulatory obligations.
In plain English
KYC means knowing who our client is.
KYC stands for Know Your Customer. It includes collecting and verifying information about a client and, for an entity, understanding who owns or controls it.
AML/CTF refers to laws and processes designed to help prevent money laundering and terrorism financing. From 1 July 2026, certain professional services provided by accountants come within Australia's expanded AML/CTF regime.
The checks required are not identical for every client or every service. Our team will tell you what applies to your circumstances.
What we may request
The information depends on who you are and what we are doing.
We aim to request the information once, explain it clearly and avoid unnecessary duplication. Additional checks may be required where circumstances, ownership or risk changes.
For businesses and entities
Registered details, ABN or ACN, governing documents and information about directors, trustees, partners, shareholders or other controlling people.
For some matters
The purpose and nature of the work, business activities, source of funds or wealth, or supporting documents relevant to a transaction.
What to expect
Checks can happen at the beginning and during the relationship.
Information may need to be refreshed when details change, a new entity or service is introduced, or further verification is required. Being asked another question does not necessarily mean something is wrong.
- We explain the request and the documents that can be accepted
- We use appropriate methods to verify the information provided
- We may need to identify beneficial owners and people who control an entity
- Work may need to pause until required checks are complete
- Information is handled in line with our privacy and record-keeping obligations
The quickest path is complete information.
Clear, current documents help our team complete the checks efficiently. If something is unavailable or unusual, tell us early so we can explain the alternatives or next step.
Compliance should be handled carefully, but it should also be explained in language people can understand.
General information
This page provides a general explanation only. The information and checks required will depend on the services provided and the circumstances of the client or matter. It is not legal advice and does not replace instructions provided by O&S Advisory during onboarding or an engagement.