New AML/CTF Requirements

What the new anti-money laundering and counter-terrorism financing rules mean for our services

From 1 July 2026, accounting and professional services firms are now regulated under Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws.

This includes newly regulated sectors such as accounting, real estate, conveyancing, legal services, as well as dealers in precious stones and metals.Under these new laws, such businesses must meet additional obligations, including:

- implementing AML/CTF programs,

- conducting customer due diligence,

- reporting suspicious matters, and

- keeping relevant records.

Are all accounting services regulated?

In short, no. Only some services provided by accountants are considered regulated services (known as designated services). Some examples of when the AML/CTF regulations may now apply include when an accountancy firm:

- helps create or restructure a company,

- assists in the planning or execution of a transaction to sell, buy, or transfer a company,

- receives, holds, controls or manages a client’s money to help plan or execute a transaction,

- provides a registered office or principal place of business address.

This list isn’t exhaustive. For a full list of designated services, refer to AUSTRAC’s website.As a general rule, general tax return preparation, bookkeeping, and payroll services are not considered designated services.

What do these changes mean?

Some of our onboarding and engagement processes may look a little different from 1 July, and we may have some additional questions or require extra documentation before we start to provide a designated service. These changes are necessary for us to remain compliant with AML/CTF laws, no matter how long we’ve worked with a client.

If you have any questions about these changes, as ever, please feel free to get in touch.