AML Laws for Accountants Australia 2026: What our clients need to know
- Future Accounting
- 1 day ago
- 5 min read
Written by: Melissa Cunliffe
New anti-money laundering laws begin 1 July 2026
From 1 July 2026, new AML laws for accountants in Australia will come into effect, introducing additional compliance requirements for accounting firms and their clients.
These reforms are part of updates to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation and will be administered by the government regulator AUSTRAC (Australian Transaction Reports and Analysis Centre).
As your accountant, we want to ensure our clients are informed early about these upcoming changes. Over time, you may notice that we request additional information, identification or documentation. These requests are part of the new AML compliance requirements and will become a standard part of professional services across Australia.
Our goal is to make the process as simple and secure as possible while ensuring we meet our legal obligations and continue providing high-quality advice and support to our clients.
What are the AML laws for accountants in Australia in 2026?
The AML laws for accountants Australia 2026 refer to an expansion of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
Previously, these laws primarily applied to banks, casinos and financial institutions. From July 2026, the regulations will extend to several additional industries, including accounting and professional advisory services.
These reforms are often referred to as “AML Tranche 2” reforms.
Under the new AML laws, accountants will be required to implement procedures that help prevent financial crime, including:
Money laundering
Financial scams and fraud
Tax evasion
Organised crime activity
Terrorism financing
Black market financial transactions
These measures strengthen Australia’s financial system and bring the country in line with international anti‑money laundering standards.
Why the government is introducing these laws
Financial crime continues to evolve globally, with criminals often attempting to move or hide money through legitimate financial transactions.
Professional advisers such as accountants can sometimes be unknowingly involved in transactions connected to financial crime. The new AML laws aim to reduce this risk by introducing safeguards around certain types of transactions and financial activities.
The purpose of the AML laws for accountants Australia 2026 is to:
Increase transparency in financial transactions
Reduce opportunities for organised crime and fraud
Help detect suspicious financial activity
Strengthen Australia’s financial integrity
While these reforms introduce additional administrative processes, they play an important role in protecting both businesses and the broader economy.
Who regulates the AML laws in Australia?
The AML/CTF regime is regulated by AUSTRAC (Australian Transaction Reports and Analysis Centre).
AUSTRAC is Australia’s financial intelligence agency responsible for monitoring and preventing financial crime. Businesses that fall under the AML regime must comply with regulatory obligations including:
Implementing AML compliance programs
Verifying client identity
Monitoring certain transactions
Reporting suspicious matters when required
Maintaining records and compliance systems
Accounting firms will now be required to meet these regulatory obligations as part of the expanded AML framework.
Which industries will be captured under the new AML laws?
From July 2026, the AML regulatory framework will expand to include a number of additional industries.
These include:
Accountants
Lawyers and legal professionals
Conveyancers
Real estate agents and property professionals
Trust and company service providers
Dealers in precious metals and stones
This expansion will bring tens of thousands of additional Australian businesses under the AML regulatory system.
What these AML laws mean for our accounting clients
As accountants become subject to the AML laws for accountants Australia 2026, we will need to introduce additional compliance procedures when working with clients.
This means that from time to time we may ask clients to provide additional information or documentation. These requests are a legal requirement under the legislation and will become a normal part of professional engagements.
Examples of information we may request include identification documents, business ownership information and details regarding certain financial transactions.
Our focus will always be to keep these processes efficient, secure and straightforward for our clients.
Why we may request additional information from you
Under the new AML compliance requirements, accountants must perform certain checks to verify client identity and understand the nature of certain transactions.
Depending on the services being provided, we may ask for information such as:
Identity verification
Clients may be asked to provide identification such as a passport, driver’s licence or proof of residential address. In many cases, this will be completed through a secure digital verification platform.
Business and structure information
For companies, trusts or other entities, we may need to confirm details regarding directors, shareholders, beneficiaries or beneficial owners.
Source of funds
For certain transactions such as property purchases, business acquisitions or large financial transactions, we may need to understand where funds originated and the purpose of the transaction.
These processes are designed to ensure professional services are not unintentionally used for illegal activities.
Will there be additional compliance costs?
Implementing the AML laws for accountants Australia 2026 requires firms to introduce new compliance systems and processes.
These may include:
Identity verification platforms
Compliance monitoring procedures
Risk assessment processes
Staff training programs
Regulatory reporting systems
These systems require additional administration and technology, which may result in some additional compliance costs for professional services.
Our firm will always aim to keep these costs as reasonable as possible while ensuring we meet our legal obligations.
How clients can prepare now
Although the new AML laws commence on 1 July 2026, clients can take a few simple steps now to prepare.
We recommend:
Ensuring identification documents are current
Confirming company and trust ownership records are accurate
Being prepared to provide documentation when requested
Understanding that compliance checks will become part of normal business processes
Taking these steps now will help ensure future compliance requirements are completed quickly and smoothly.
How we will support you through these changes
We understand that increased compliance requirements can sometimes feel overwhelming.
Our team is committed to implementing these new AML procedures in a way that is secure, efficient and straightforward for our clients. We will continue to provide updates and guidance so that you understand what information may be required and how the new processes will work.
Our priority is to support our clients while meeting the new legal obligations under the AML laws for accountants Australia 2026.
Book a meeting with our team to discuss what these changes mean for your business and how to prepare smoothly and confidently.
Disclaimer
This article does not constitute financial advice and is for general information only. It does not take into account any individual’s personal objectives, situation or needs, and is not intended as professional advice. Any similarity to an individual’s personal circumstances and the examples provided in this article is purely coincidental. Any person acting upon such information without receiving specific advice, does so entirely at their own risk.
Authorisation under an Australian Financial Services Licence (AFSL) is not required in the provision of this article and the author plus Future Accounting Group Pty Ltd is not acting in its capacity as an Australian Financial Services Licence holder
Liability limited by a scheme approved under professional standards legislation.
