Do the new AML/CTF obligations apply to me?
If you are an accountant or tax agent providing “designated services” in Australia, the obligations apply to you from 1 July 2026.
What are designated services?
- Assisting in the planning or execution of a transaction to sell, buy or transfer real estate
- Assisting in the planning or execution of a transaction to sell, buy or transfer a body corporate or legal arrangement
- Receiving, holding, controlling or managing a person’s property to help in the planning or execution of a transaction
- Assisting in organising, planning, or executing a transaction for equity or debt financing relating to a body corporate or legal arrangement
- Acting as, or arranging for someone else to act as, a director, secretary, attorney of non-natural persons, trustee, partner or similar
- Acting as, or arranging for someone else to act as, a nominee shareholder
- Providing a registered office address or principal place of business address for a body corporate or legal arrangement
What happens if I don’t comply?
AUSTRAC has significant enforcement powers. Non-compliance can result in civil penalties of up to $33.5 million per contravention for body corporates, criminal prosecution for serious breaches, and reputational damage including potential loss of professional licences.
What is an AML/CTF Program?
An AML/CTF Program is a documented set of policies and procedures that outlines how your practice identifies, assesses, and manages money laundering and terrorism financing risks. It typically includes two parts: Part A (customer identification and verification) and Part B (risk management).
Do I need to verify every client’s identity?
Yes. Under the AML/CTF regime, you are required to conduct Customer Due Diligence (CDD) for all clients to whom you provide designated services. This includes verifying their identity using reliable and independent documents or electronic verification.
Do I need to verify the identity of my existing clients?
While you do not need to complete the full initial CDD on existing clients straight away, you still have obligations for your existing clients. You must complete the full CDD on an existing client if either a suspicious matter report (SMR) obligation arises in relation to the client, or a change in the nature and purpose of the relationship increases their ML/TF risk.
How does Next AML help?
Next AML provides guided workflows that walk you through every compliance requirement - from setting up your AML/CTF Program to conducting client risk assessments and generating audit-ready reports. It’s designed specifically for accounting practices, not banks or large institutions.
When is Next AML available?
Next AML is launching at the end of April 2026, well ahead of the 1 July deadline. Register your interest to get early access and priority onboarding support.
How much does Next AML cost?
We’re finalising our pricing and will announce it soon. Register your interest to be notified when pricing is available and to access early-bird rates.
Is my data secure?
Yes. Next AML is hosted on Microsoft Azure infrastructure in Australia. All data is encrypted in transit (TLS 1.2+) and at rest (AES-256). We implement role-based access controls, and our infrastructure maintains ISO 27001, SOC 2, and PCI-DSS certifications. See our Privacy Policy for full details.
Can I use Next AML for my whole team?
Yes. Next AML supports multi-user access with role-based permissions, making it suitable for solo practitioners through to mid-tier firms.
What if I need help getting started?
We offer priority onboarding support for early registrants. Our team will help you set up your AML/CTF Program and configure the platform for your practice. Get in touch if you have specific questions.