2026 Anti-Money Laundering and Counter-Terrorism Financing Reforms
From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to accounting firms for the first time. This means the way we onboard and work with clients will change to meet new legal requirements set by AUSTRAC.
What will change in how we work with you
For certain services classified as “designated services”, we will be legally required to complete additional checks before we can proceed. These services include:
- Buying or selling a business or company
- Setting up or restructuring companies or trusts
- Changes to directors or shareholders
- Managing client funds or assisting with larger or complex transactions
When these services apply, we may need to:
- Verify your identity (and in some cases, related parties)
- Confirm ownership and control structures
- Understand the purpose and nature of transactions
- Request supporting documents
What this means for you
From 1 July 2026, you may notice that we:
- Ask for more information or documentation upfront
- Periodically refresh your details, even if you’re an existing client
- Take slightly longer to commence certain engagements or transactions
Why this is happening
Australia is strengthening its AML/CTF regime in line with global standards, with AUSTRAC adopting a risk-based approach to compliance. This means firms must demonstrate genuine efforts to identify and manage financial crime risks, rather than simply “ticking the box”.
What you can do to help
To avoid delays once the new rules commence:
- Be ready to provide identification and supporting documents when requested
- Let us know early if you’re planning transactions, e.g. restructures, acquisitions or business sales
- Keep your entity and ownership details up to date
How we can support you
We’re already preparing for these changes and updating our systems and processes ahead of the 2026 start date. Our team can also help you understand how the reforms may affect your business or upcoming transactions. If you have any questions about how these changes may impact you, or would like to get ahead of the reforms, feel free to reach out to our team.