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Navigating Australia’s New AML/CTF Requirements: What This Means for You
By Todd Coppin
28 April 2026
Australia is undergoing its most significant overhaul of anti-money laundering and counter-terrorism financing (AML/CTF) laws in nearly two decades — and it directly affects accounting firms like ours, and by extension, you as our valued client.
What’s Changed?
Following the passage of the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act 2024, which received Royal Assent in December 2024, the scope of Australia’s AML/CTF regime has been expanded to include professional services typically provided by accountants and lawyers. As newly-covered “Tranche 2” professions, accounting firms have until 1 July 2026 to be fully compliant.
What Does This Mean for Our Firm?
Practices offering designated services must enrol as a reporting entity with AUSTRAC, appoint a dedicated AML/CTF compliance officer, and implement staff training to identify AML/CTF risks. The new framework shifts from a compliance-based approach to a risk-based, outcomes-oriented one — meaning we must actively assess and mitigate risks rather than simply tick boxes.
What Does This Mean for You?
At the heart of the new regime is customer due diligence (CDD) — we need to know and verify who we’re dealing with, including understanding the nature of your business and the source of funds where relevant. In practical terms, this means we may request additional identity documentation or ask some questions that may feel more detailed than before. We appreciate your patience and understanding — these steps are a legal requirement, not a reflection of any concerns about your individual circumstances.
Our Commitment to You
We are committed to making this transition as smooth as possible. Our team is working hard to streamline our compliance processes and minimise disruption. That said, meeting these new obligations does require meaningful investment — in systems, training, and time. As a result, you may notice a modest adjustment to our fees as we work to maintain the high standard of service you expect, while fulfilling our responsibilities under the new law.
We’re here to help you understand how these changes may also affect your own business. Don’t hesitate to reach out to our team with any questions.
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