AUSTRAC AML/CTF Compliance Reforms

AML  (Australian Money Laundering)/CTF (Counter Terrorism Financing) Act was already being used by banks, casinos and bullion dealers. From 1 July 2026, AUSTRAC (Australian Transaction Reports and Analysis Centre) have extended the compliance to Accountants, Solicitors, Conveyancers, Real Estate Agents & precious metal dealers. These sectors are now required to implement measures to be compliant & stay compliant with AUSTRAC by managing the collection of personal information for AML  & CTF purposes.

These sectors are now required to abide by regulations and procedures set out by the AML/CFT laws and to implement added processes to prevent criminals from disguising illegally obtained funds as legitimate income. As a part of the new processes, we as Accountants, we will be implementing further reforms to abide by the ‘designated services’ AML/CTF regulations to stay compliant.

Our practice management regarding the new reforms at certain times may require additional information for our friendly staff to undertake services on your behalf. This may be as simple as providing certified identification, constitutions or trust deeds, or more complex information to satisfy the new compliance requirements we have been included to abide by.

If you would like to know more about this, you can go to https://www.austrac.gov.au/industry-and-business/about-amlctf-reforms/about-reforms?gad_source=1&gad_campaignid=23917214073&gbraid=0AAAABD5GPu7QnqzKTEYX6JRa34U3Tjsv4&gclid=EAIaIQobChMIzazZqrPRlQMVTm0PAh0yhxPCEAAYASABEgL7iPD_BwE

Author

Bonnie Lineburg