Prior to 2008 there was an identification system used in Australia for identifying new financial account holders. The 100 point ID followed a generic form format that was similar across most lenders. A total of 100 point or more were needed to achieve a pass. For example a Passport or Birth Certificate at a value of 70 points combined with a drivers licence at a value of 40 points achieved a pass with 110 points in total.

In late 2007 the anti-money laundering and counter-terrorism financing (AML/CTF) reforms were introduced and are aimed at addressing the risk of money laundering in Australia and the threat to national security caused by the financing of terrorism.

The reforms seek to implement Australia’s international obligations including a commitment to bring our AML/CTF regime in line with the international standards as set out by the Financial Action Task Force on Money Laundering (FATF).

This new legislative framework that has been put in place through the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. This first tranche of reforms covers the financial sector including banks, credit unions, building societies and trustees and extends to casinos, TABs wagering service providers and bullion dealers.

The second tranche of reforms will cover real estate agents, dealers in precious metals and dealers in precious stones and a range of non-financial transaction provided by accountants, lawyers and trust and company service providers.

More detailed information is available at the Australian Government Anti-money laundering site.