There are new requirements for advertisers promoting financial services in Australia…
Beneficiary and Payer
Go to your Advertising Settings and click on Default Beneficiary and Payer.
You may have already defined these for the European Union, and there was a recent addition for Taiwan. Now you may see a section for Australia.
Defining the Beneficiary and Payer here is required specifically for running ads for financial services in Australia. You’ll need to define who benefits and who is paying for the ads.
One you click “Get Started” you’ll see that there’s a verification process that’s a bit more complicated.
Meta says the following…
Starting February 4, 2025, the following information will be required to run financial services ads in Australia:
1) verified beneficiary and payer information and
2) an Australian Financial Services license number or confirmation that the verified person or organization is exempt from this license requirement.
Do You Need to Do This?
Again, if you’re not promoting financial services in Australia, don’t worry about it. Otherwise, you have until February 4th to get this sorted out. Since the verification process may take some time, I wouldn’t wait until the last minute.
Check Meta’s documentation for additional details.
