ASIC informs company directors about new ID requirement
The Australian Securities and Investments Commission (ASIC) has informed company directors about a new ID requirement. Directors need to verify their identity as part of this new requirement.
A director ID is a unique identifier that a director will apply for once and keep forever – which will help prevent the use of false or fraudulent director identities. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation will need a director ID.
When a director must apply depends on when this director were appointed as a director:
- Existing directors have until 30 November 2022 to apply.
- Directors appointed between 1 November 2021 and 4 April 2022 must apply within 28 days of their appointment.
- From 5 April 2022, intending directors must apply before being appointed.
The new Australian Business Registry Services (ABRS) is responsible for administering the director ID initiative. When fully established, ABRS will bring together the Australian Business Register (ABR) and more than 30 ASIC registers in one place.
ASIC is responsible for enforcing director ID offences set out in the Corporations Act 2001. It is a criminal offence if directors do not apply on time.