AML/CTF Tranche 2 Legislation

Hello,

We want to let you know about changes to the law which apply from 1 July 2026 that will impact the way we collect information from our clients.

These changes bring accounting and advisory firms within Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, joining other professional service providers such as solicitors, conveyancers, and real estate agents.

The purpose of these laws is to reduce the risk of professional services firms being used to move or hide illegal funds, combat money laundering and terrorism financing.

For our clients, the main impact is that we will need to collect and verify certain information when you engage us, and at times during the course of your engagement, when we provide what is termed “designated services” as set out in the law. This will usually involve you providing identification documents and some additional details about your circumstances.

Where we are acting for a company, trust or other entity, we may also be required to identify and verify the individuals who ultimately own or control that entity (for example, people holding 25% or more of the interests, or senior officers). To do this, we may ask for documents that confirm their identity and role. This enables us to understand who is behind the entity and to comply with our legal obligations.

We appreciate that this will add an extra step to the engagement and is something that you will not have encountered previously when working with us. We will have an electronic process in place to collect the required information and to make this as easy as possible and please be assured that we will only ask for the information that is required by law. All information will be handled securely in accordance with our privacy policy and legal obligations.

If you would like to know more about the legislative reforms please refer to the AUSTRAC website.

Thank you for your understanding.