We would like to let you know about upcoming changes to Australia’s Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) laws that may affect the way we work with you.
From 1 July 2026, a wider range of professional service providers (including accountants, lawyers, conveyancers, real estate professionals and trust and company service providers) may be required to comply with additional AUSTRAC obligations when providing certain designated services.
While these reforms are aimed at strengthening Australia’s response to financial crime, they may also result in changes to the information and documentation we are required to obtain from our clients.
What This Means for You
As part of these new obligations, we may need to collect and verify more information about our clients, their entities and certain transactions or activities.
Importantly, these requirements may apply not only to new clients, but also to our existing clients. Even if you have been a client of our firm for many years, we may still be required to update records, verify identification information or request additional documentation to meet our legal obligations.
- Requests for identification documents: We may ask you to provide identification such as a passport or driver license, proof of address, or documents relating to directors, shareholders, trustees or beneficial owners.
- Requests to update existing information: We may contact you to confirm or refresh information we already hold on file to ensure our records remain current and compliant.
- Additional questions about transactions or structures: We may need to better understand the purpose of transactions, ownership arrangements, source of funds or the nature of business activities.
- Requests for supporting documents: Depending on the services being provided, we may request documents such as trust deeds, company constitutions, bank statements, contracts or settlement documents.
- Additional time for some matters: Certain services or transactions may take longer while required compliance checks are completed.
- Ongoing review requirements: In some cases, we may need to periodically review and update client information throughout our ongoing relationship with you.
- Situations where we may be unable to proceed: The legislation may prevent us from acting or completing certain transactions where required information cannot be obtained or verified.
Why These Changes Are Being Introduced
The Tranche 2 reforms expand Australia’s AML/CTF framework to industries that were previously outside the regime. The aim is to strengthen the detection and prevention of money laundering, terrorism financing and other serious financial crime.
How You Can Assist
- Provide requested identification and supporting documents promptly
- Advise us of any changes to ownership, control or authorised representatives
- Be prepared to answer questions regarding transactions and source of funds
- Allow additional time where compliance reviews are required
- Respond to requests for updated information during ongoing engagements
Important Information
Under the AML/CTF legislation, reporting entities may have obligations to maintain records, conduct client due diligence, monitor certain transactions and report particular matters to AUSTRAC.
In some circumstances, the legislation restricts firms from disclosing when reports have been made to regulators or law enforcement agencies.
We appreciate your cooperation and understanding as these changes are implemented across the industry and thank you for your continued support.
If you have any questions about how these reforms may affect you, please contact our office.
