Important update: New AML/CTF requirements from 1 July 2026
From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements will apply to a broader range of professional service providers in Australia, including accounting firms that provide certain designated services.
These reforms are being introduced by the Australian Government to strengthen Australia’s financial system and better align local compliance standards with international AML/CTF requirements.
As part of these changes, accounting firms may be required to undertake additional procedures to identify and verify clients, understand the nature of client relationships, keep client information up to date, and monitor certain matters on an ongoing basis.
Importantly, these are government-mandated obligations. They are not requirements introduced independently by our firm.
What this means for you
The new requirements may apply to both new and existing clients. As a result, we may from time to time request updated identification documents, additional business information, or further supporting documentation, even where you have been a long-standing client of the firm.
What you can expect
Client Verification
We may need to undertake more detailed identification and due diligence procedures when onboarding new clients and when reviewing existing client relationships.
Updated documentation
We may request current identification documents or updated personal, business or entity information to ensure our records remain accurate and complete.
Ongoing reviews
We will be required to keep certain client information current. This means we may periodically contact you to confirm or update your details.
More communication
As these obligations are implemented, you may hear from us more frequently about compliance-related matters. This is a normal part of the enhanced processes now required across the industry.
Please note: Any requests we make for information or documentation as part of these new requirements are legitimate compliance obligations. However, if you are ever unsure about the authenticity of a request, please contact our office directly before providing any information.
What do you need to do?
At this stage, there is nothing you need to do. We will contact you directly if additional information or documentation is required.
When we do reach out, we ask that you respond as promptly as possible. Timely responses help us meet our regulatory obligations and minimise delays in delivering services to you.
We understand that requests for additional information can sometimes feel burdensome. Our commitment is to make the process as simple and efficient as possible, and we will always explain why information is required and how it will be used.
We're here to help
If you have any questions about these changes or how they may affect you or your business, please don't hesitate to contact us. Our team is available to guide you through the new requirements and provide any assistance you may need.
We appreciate your cooperation and understanding as we adapt to these important regulatory changes. Our aim is to make the process as efficient and straightforward as possible while continuing to meet our compliance obligations and protect our clients.