From 1 July 2026, changes to Australian Anti‑Money Laundering and Counter‑Terrorism financing (AML/CTF) laws will affect how accounting practices across the country work with their clients.
Knowing what to expect ahead of time will help avoid confusion and delays when you need certain services.
Why Are These Changes Happening?
The Federal Government is extending AML/CTF laws to include accountants, lawyers, real estate agents and other professionals involved in setting up
structures, facilitating transactions, or handling funds for clients.
In simple terms, this means we are legally required to confirm who we are working with before undertaking certain engagements — and we’ll need your assistance to do that.
Most Everyday Services Stay the Same
Your routine services such as tax returns, BAS preparation, bookkeeping, payroll, and general advice are not affected. These will continue exactly as they do now.
The changes apply only when we assist with what the legislation calls “designated services” These include things like:
- Establishing companies or trusts
- Restructuring business or investment entities
- Assisting with property transactions
- Managing or holding money on your behalf
- Helping arrange loans or other financing
For these services, identity verification and background checks must be completed before we can begin the work.
Identity Checks Will Be Required
If you request a designated service, we’ll need to formally verify your identity, much like when you open a bank account.
We may also ask questions about:
- The source of funds for a transaction
- Whether you or close relatives hold prominent public positions
These are standard compliance questions under the new law and don’t imply anything unusual.
What This Means for Existing Clients
If you’re already a client with us before 1 July 2026, you’re considered a pre‑commencement client. There’s nothing you need to do immediately.
The new requirements only come into play when you later request a designated service — for example, setting up a new trust, restructuring a group, or purchasing property.
At that point, we’ll complete the necessary checks before proceeding.
Your Information and Privacy Remain Secure
Any information collected under AML/CTF rules is used solely to meet legal compliance obligations.
Your details are:
- Handled in accordance with Australian Privacy Principles
- Stored securely
- Retained for a minimum of seven years, as required by law
What We Need From You (For Now)
At this stage, no action is required.
We’re sharing this information early so you’re aware of what’s changing and why. When you need a designated service, we’ll walk you through the process at that time.
A Message From Our Team
If you have questions or would like to talk about how the changes might affect future plans, please feel free to contact us. We’re always here to help.
Call us on 03 9886 0800 or email us at team@tagfinancial.com.au
Disclaimer: The information contained is general in nature. Professional advice should be sought before acting on any aspect on this page. Financial planning services provided by TAG Financial Advisors Pty Ltd (ABN 77 154 205 017 AFSL 415632), a wholly owned subsidiary of TAG Financial Services Pty Ltd (ABN 67 075 374 686). Copyright 2026. Please do not reproduce without the expressed written consent of the author.