13/08/2026
What to expect from your accountant under AUSTRAC’s new AML/CTF rules?
Since 1 July 2026, you may have noticed us asking a few extra questions or requesting identification before certain work begins.
These checks are similar to those banks have carried out for years. They now also apply to accountants for certain services.
Why?
AUSTRAC is the Australian Government agency responsible for helping prevent money laundering and terrorism financing.
The new rules, known as the Tranche 2 reforms, extend these obligations to accountants and other professionals for certain services.
When do they apply?
They do not apply to everything your accountant does. They may apply when helping you:
• establish or restructure a company or trust
• move or manage money or property as part of a transaction
• provide certain company, trust, director, trustee or nominee services.
Routine work such as tax returns, BAS and general bookkeeping will usually remain outside these rules.
What might we ask for?
Where the rules apply, we may need to:
• confirm your identity and request ID, such as a driver’s licence or passport
• confirm who owns or controls a company or trust
• review documents such as trust deeds or company records
• ask about the purpose of a transaction or source of funds.
The information required depends on the work and people or entities involved.
A few things to know
Being asked for identification does not mean we consider anything suspicious. These are standard legal checks.
Existing clients will not automatically need to repeat checks. However, we may need updated information when starting a new designated service, circumstances change, or our procedures require it.
We must also securely keep appropriate records and comply with our AUSTRAC reporting obligations.
For most clients, this will simply mean one additional step at the beginning of certain engagements.
If you have questions about how these requirements may affect you, please get in touch.
