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Identity verification of clients is strongly recommended by the TPB, but not yet mandatory.
Identity Verification
Identity verification has never been an issue for most tax agents – this far. You know your clients, you have worked with them for years. However, with ongoing GST and other fraud, identity verification becomes more and more important.
In this episode, Warren Renden of BGL Corporate Solutions will walk you through the requirements to check ID in Australia compared to New Zealand, Singapore and the UK and how identity gets verified with or without biometric scanning. And then he will also touch on AML (as in Anti-Money Laundering), PEP (as in Politically Exposed Person), Sanctions checks and adverse media screening.
Here is what we learned but please listen in as Warren explains all this much better than we ever could.
To listen while you drive, walk or work, just access the episode through a free podcast app on your mobile phone.
Identity Verification
Here are just two of the many things conveyed in this episode:
1 – There isn’t a law yet that tells us as tax agents that we have to verify identity, but the TPB strongly recommends it.
2—The TPB actively discourages you from collecting copies of passports and driver’s licences. So use an ID verification app instead.
ID verification apps are easy to use, at least the ID verification within CAS360 – called BGL ID – is. The person you want to verify doesn’t have to be the director or shareholder of a company or trust. You can just add their name and ID and then ask BGL to verify the details.
This is just the tip of the iceberg. We go into a lot more detail in this episode. Please listen in.
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Disclaimer: Tax Talks does not provide financial or tax advice. All information on Tax Talks is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.
Last Updated on 10 July 2024
Tax Talks spoke to Warren Renden - Product Manager at BGL Corporate Solutions - for more details.
