The FAAA has released updated customer identification forms aimed at helping advisers comply with revamped anti-money laundering and counter-terrorism rules.
Developed with the FSC, the forms are designed to assist AFS licensees, advisers, and product providers meet their customer identification obligations under the new Initial Customer Due Diligence (ICDD) framework, which replaced the previous Applicable Customer Identification Procedures (ACIP) rules from 31 March 2026.
FAAA GM Policy, Advocacy and Standards Phil Anderson said the forms were intended to create a more consistent approach across advice businesses and product providers.
A standardised approach is essential to promote operational efficiencies…
He said advisers frequently conduct identification checks that are relied upon by multiple insurers and platforms.
“A standardised approach is essential to promote operational efficiencies for advice businesses, particularly as advisers frequently conduct customer identification checks that are relied upon by multiple product providers,” said Anderson.
“This consistency helps to reduce unnecessary inconvenience for clients, ensuring a smoother and more streamlined process for all parties involved.”
The updated forms are available free to FAAA and FSC members and are intended to support businesses transitioning to the new AML/CTF standards.
The forms also integrate with FAAA SafeID, the association’s digital client verification platform launched last year. The platform enables advisers to verify client identities digitally and conduct politically exposed person and sanctions checks to meet AML obligations.
Under the new framework, reporting entities are required to identify and mitigate money laundering and terrorism financing risks as part of broader compliance obligations.
