If you’re an accountant or tax agent in Australia, you’ve probably heard that new anti-money laundering obligations are coming. But what does that actually mean for your day-to-day practice?
What’s changing?
From 1 July 2026, accounting professionals who provide “designated services” will be classified as reporting entities under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). This means you’ll have the same category of obligations that banks and financial services firms have had for years.
What are “designated services”?
For accountants, the key designated services include:
- Company formation and administration
- Holding client money
- Providing a registered office or principal place of business address for a company
If you provide any of these services, the new obligations apply to you.
What do you need to do?
At a high level, you’ll need to:
- Establish an AML/CTF Program - a documented set of policies and procedures tailored to your practice
- Conduct Customer Due Diligence (CDD) - verify the identity of your clients and understand the nature of their business
- Assess and manage risk - identify, assess, and manage the money laundering and terrorism financing risks your practice faces
- Monitor and report - keep an eye on client activity and report suspicious matters to AUSTRAC
- Keep records - maintain detailed records of all compliance activities for at least 7 years
Don’t panic - but don’t delay
The good news is that many of these processes can be integrated into your existing client onboarding and engagement workflows. The key is to start now, well before the 1 July deadline, so you’re not scrambling at the last minute.
Next AML is designed specifically to help Australian accounting practices meet these obligations without the complexity. Register your interest to get early access.