From 1 July, important updates to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will come into effect, expanding the regulatory framework to include accounting firms.

These changes, overseen by AUSTRAC, introduce new obligations around how professional services are delivered, with a stronger focus on client identification, record keeping, and understanding the nature of transactions.

What’s Changing?

As part of the updated AML/CTF regime, accounting firms are now required to apply more robust due diligence processes when providing certain services. While many of these practices may already be familiar, the new legislation formalises these requirements and raises the standard for how information is collected, verified, and maintained.

What This Means for You

In practice, you may notice some changes in how we work with you, including:

• Identity verification (KYC): You may be asked to provide identification documents, such as a driver’s licence or passport, or confirm existing details on file.
• Business and ownership information: For companies, trusts, and other entities, additional details may be required about directors, trustees, and beneficial owners.
• Purpose of services: We may ask questions about your activities or transactions to better understand your circumstances.
• Ongoing updates: Periodically, we may request updated information to ensure our records remain accurate and compliant.

In many cases, we already hold this information. However, the new regulations require it to be complete, current, and verified to a higher standard. Where additional details are needed, we will guide you through the process and aim to keep it as efficient as possible.

Impact on Pricing

The introduction of these obligations increases the level of compliance required when delivering certain services (referred to as “Designated Services”). As a result, there may be additional costs associated with meeting these requirements.

Indicative pricing is as follows:

• Initial AML assessment: $740 + GST
• Ongoing AML compliance: $420 + GST

Please note these fees are indicative and may vary depending on the complexity of your circumstances. AML/CTF-related fees will be reviewed periodically in June and December to ensure they remain appropriate.

Where these changes apply, we will clearly communicate any pricing adjustments in advance and outline what is included, so you can make informed decisions.

Supporting You Through the Transition

We understand regulatory changes can create uncertainty, and our priority is to make this transition as smooth and transparent as possible. If you have any questions about how these updates apply to you, we encourage you to reach out to our team.