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ARTICLE · 25 APRIL 2022

Time to act - Director Identification Number (DIN)

BRI Ferrier
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The DIN system aims to reduce the risks of fraudulent or illegal phoenix activity, so all company directors need a DIN.

AustraliaCorporate/Commercial Law
John Keenan
John Keenan
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Take note - the Director Identification Number ("DIN") system is now in place. This new system has been coming for some time, and the transitional arrangements have ended. All new directors now need a DIN.

The DIN system has been designed to provide the public greater transparency over who is running which companies. Given the recent market volatility and financial stress caused by the pandemic, there are heightened risks of mismanagement, whether by circumstance or deliberate acts, which can cause real damage to the broader public. The DIN system has been created to reduce the risks of fraudulent or illegal activity, whether that be by using fictitious identities to act as a Director or by engaging in schemes such as illegal phoenix activity.

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