You may have noticed over the past few years that there have been quite a few changes in how we work with you — particularly around security, identity checks and how transactions are handled.
From the gradual move away from cheques, to enhanced cyber security measures and fraud prevention controls, the way financial services are delivered has continued to evolve. We are now preparing for another important regulatory change.
What’s changing?
From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations will apply to a broader range of professional service providers, including accounting firms (like us), lawyers, real estate agents, and other ‘Trance 2’ entities.
In simple terms, these new laws are designed to strengthen safeguards against financial crime and improve the integrity of the system.
What this means for you
As part of these requirements, we will need to take a few extra steps before (and sometimes during) our engagement with you.
This may include requesting:
- Proof of identity (e.g. driver’s licence or passport)
- Information to verify companies, trusts and other structures
- Details of individuals who ultimately own or control an entity
- Information about the source of funds for investments or transactions
From time to time, we may also ask you to confirm or update your details. This forms part of our ongoing compliance obligations.
Why are these steps necessary?
These are legal requirements under the updated AML/CTF regime and apply to all affected service providers. The are designed to:
- Reduce the risk of fraud and financial crime
- Improve transparency across financial and professional services
- Align Australia with global regulatory standards.
While this may introduce some additional administration, these obligations are not optional, and we are required to comply.
What to expect from us
We are committed to making this process as straightforward as possible. We will aim to:
- Clearly explain what information is required and why
- Only require what is necessary to meet our obligations
- Support you through the process to minimise disruption.
Your privacy
Protecting your personal information remains a priority for us.
We collect, use and store your information in accordance with applicable legislation, including the Privacy Act 1988 (Cth), the Tax Agent Services Act 2009 (Cth), and relevant professional standards.
Your information is handled securely and only used where required to meet our legal and professional obligations.
If information isn’t provided
In some situations, if we are unable to collect or verify the required details, we may not be able to commence or continue providing services. If this arises, we will always discuss this situation with you first and work through the available options.
Learn more
If you’d like a simple overview of these requirements, AUSTRAC has put together a helpful client resource: Helping prevent money laundering and financial crime
If you have any questions or would like to discuss how these changes may apply to you, please don’t hesitate to reach out — we’re here to help.