Anti-Money Laundering (AML) and
Counter-Terrorism Financing (CTF) Requirements for Accountants.
- New Government AML & CTF laws come into effect from 1 July 2026 requiring businesses to verify clients’ identities and in some cases the source of funds.
- Accountants, along with lawyers and real estate agents will be required by law to carry out identity and verification checks similar to those already used by banks.
What this means for you?
- This means we may need to do additional checks to verify your identity and request information about the source of funds for certain transactions.
- These requirements apply to all new clients and may also affect existing clients especially when setting up for example new companies or trusts, completing ASIC transactions, or during periodic reviews.
Why is this necessary?
These checks are intended to protect Australia’s financial system by helping identify and report suspicious activity as required by Government regulations.
More Information
Click on the link to learn more https://www.austrac.gov.au/general-public/why-you-might-be-asked-id
