| From 1 July 2026, the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to a wider range of industries, including accounting firms. These laws may require us to collect additional information from clients so we can meet our legal obligations.
While this may add some administration, we will do our best to make the process as easy as possible for you and minimise any disruption. These changes are designed to help protect the integrity of Australia’s financial system and prevent criminal activities such as money laundering, fraud, organised crime and terrorism financing.
What has changed?
As a result of the AML/CTF Tranche 2 reforms, accounting firms that provide certain specified services, known as designated services, are required to
- Verify the identity of clients
- Understand who ultimately owns and controls entities
- Assess and document money laundering and terrorism financing risks
- Monitor ongoing client relationships
- Maintain records
- Report suspicious matters to AUSTRAC when required by law.
How does AML/CTF affect you?
Before we can proceed with certain new engagements or services, the Macro team may need you, and possibly other members of your family or business, to complete ID checks through our secure third-party provider, BGLiD. We may also need to ask some additional questions or obtain supporting documents to meet our legal AML/CTF obligations.
This applies to all new clients as well as existing clients, where we are providing you with a new service or extending our engagement. The legislation also requires ongoing monitoring of client relationships, meaning that from time to time we may need to re-verify or update information, even where our engagement hasn’t changed.
Why are these changes being introduced?
Criminals can use legitimate businesses, trusts, companies and transactions to disguise the origin of illicit money. The reforms bring Australa more closely into line with international standards and aim to prevent professional services firms from being used to facilitate illegal activities.
What services are likely to be affected?
The requirements do not apply to every accounting service. The rules are primarily focused on higher-risk advisory and transaction services, including activities such as:
- New trust, company and SMSF establishments
- Providing registered office services (corporate secretarial services)
- Assisting with business acquisitions or sales
- Assisting with business restructures or changes of ownership
- Estate and succession planning
- Certain property transactions
- Assisting with financing arrangements
- Other services specifically defined as designated services under the AML/CTF legislation.
What information may we need from you?
Depending on the engagement and risk profile, we may need identification documents, details about ownership and control of entities, information about the source of funds or wealth, and checks for Politically Exposed Persons or sanctions screening.
We understand that some of these requests may feel detailed or unfamiliar. Our team will guide you through what is needed, explain why it is required and use secure systems and processes to protect your information. Any information collected will be handled in accordance with our privacy and confidentiality obligations.
How can you help?
The best way to minimise delays is to ensure your records are current and readily available. If we request information, providing it promptly will help us complete our verification procedures and commence work more quickly.
What should you do now?
At this stage, there is no need to take any immediate action unless we contact you. If you engage us for structuring, transactional or advisory work after 1 July 2026, please be aware that we may need to complete AML/CTF verification procedures before commencing work.
We appreciate your cooperation and patience as these changes are implemented. Our team will work with you to make the process as straightforward as possible, with minimal disruption, while continuing to provide the practical advice and support you expect from Macro.
Got Questions?
If you have any questions about how the AML/CTF reforms may affect your affairs, please contact your Macro adviser.
Date: 28/07/2026
The Macro Group Limited AFSL: 485843 Tax Agent Number 24 76 5236.
The information in this article contains general information only. We have not taken into consideration any of your personal objectives, financial situation or needs. Before taking any action, you should consider whether the general advice contained in this communication is appropriate to you having regard to your circumstances and needs and seek appropriate professional advice if you think you need it. We recommend that you consult a licensed or authorised financial adviser if you require financial advice that takes into account your personal circumstances. |
