From 1 July 2026, Australian law requires accounting practices to carry out anti-money laundering and counter-terrorism financing (AML/CTF) checks when providing certain services.
Why are these checks required?
The AML/CTF laws are designed to prevent money laundering and terrorism financing, increase transparency around who owns and controls businesses and trusts, and ensure professional services are not misused for illegal activities. Compliance with these requirements is mandatory.What does this mean for you?
We may need to verify your identity, confirm who owns or controls your company or trust, and understand the nature and purpose of our professional relationship. These checks apply to all relevant clients and will be chargeable at $100+GSTWhat information might we request?
Depending on your situation, we may request photo identification, business or trust documents, details of directors, trustees, partners or beneficial owners, and basic information about how our services will be used.Does this mean there is a problem?
No. These checks are routine and required by law. Requesting information does not mean there is any concern about your activities.What if I don’t provide the required information?
If we cannot complete the required AML checks, we may be legally unable to provide certain services.How is my information protected?
All information is handled in accordance with privacy laws, stored securely, and used only for AML/CTF compliance purposes.Questions?
Please contact our team if you have any questions. We are happy to explain what is required and why.
