New ID requirement for directors

Senator Jane Hume has announced that the Australian Securities & Investments Commission’s (ASIC) new identity requirements for company directors came into effect this week, with all directors required to register for a director identification number. Existing directors have until 30 November 2022 to apply. Some important points to note:

• Company directors need to verify their identity as part of a new director identification number (director ID) 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.
• When you must apply depends on when you 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.