A Brief Explanation of AML / CTF Changes for the Accounting Profession

From 1 July 2026, Australia’s anti-money laundering and counter-terrorism financing laws have expanded to cover certain services provided by accountants and other professional advisers. These changes are designed to help prevent criminals from using legitimate businesses and professional services to hide or move illegal funds.
For accounting firms, the reforms mean that some work previously treated as routine professional advice may now require additional checks. This may include verifying a client’s identity, understanding who owns or controls a company or trust, assessing the purpose of a transaction, and keeping appropriate records.
Clients may notice that accountants ask for more information at onboarding or before providing certain services, particularly where companies, trusts, business structures, property transactions or movement of funds are involved. These steps are not intended to make the process difficult; they are part of a broader national framework to detect, deter and disrupt financial crime.
Overall, the AML/CTF changes place greater responsibility on accounting practices to know their clients, understand the risks associated with the services they provide, and report suspicious matters where required. The reforms bring Australia more closely into line with international standards and aim to protect both the financial system and professional firms from being misused for unlawful activity.

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