{"id":10676,"date":"2026-06-16T09:00:37","date_gmt":"2026-06-15T23:00:37","guid":{"rendered":"https:\/\/www.tagfinancial.com.au\/blog\/?p=10676"},"modified":"2026-06-16T09:00:37","modified_gmt":"2026-06-15T23:00:37","slug":"new-compliance-rules-are-coming-heres-what-you-should-know","status":"publish","type":"post","link":"https:\/\/www.tagfinancial.com.au\/blog\/new-compliance-rules-are-coming-heres-what-you-should-know\/","title":{"rendered":"New Compliance Rules Are Coming, Here&#8217;s What You Should Know"},"content":{"rendered":"<p>From 1 July 2026, changes to Australian Anti\u2011Money Laundering and Counter\u2011Terrorism financing (AML\/CTF) laws will affect how accounting practices across the country work with their clients.<\/p>\n<p>Knowing what to expect ahead of time will help avoid confusion and delays when you need certain services.<\/p>\n<h3><span style=\"color: #007565;\">Why Are These Changes Happening?<\/span><\/h3>\n<p>The Federal Government is extending <a href=\"https:\/\/www.legislation.gov.au\/C2006A00169\/latest\/text\">AML\/CTF laws<\/a> to include accountants, lawyers, real estate agents and other professionals involved in setting up<\/p>\n<p>structures, facilitating transactions, or handling funds for clients.<\/p>\n<p>In simple terms, this means we are legally required to confirm who we are working with <em>before<\/em> undertaking certain engagements \u2014 and we\u2019ll need your assistance to do that.<\/p>\n<h3><span style=\"color: #007565;\">Most Everyday Services Stay the Same<\/span><\/h3>\n<p>Your routine services such as <a href=\"https:\/\/www.tagfinancial.com.au\/our-services\">tax returns, BAS preparation, bookkeeping, payroll, and general advice<\/a>\u00a0 are not affected. These will continue exactly as they do now.<\/p>\n<p>The changes apply only when we assist with what the legislation calls \u201cdesignated services\u201d These include things like:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Establishing companies or trusts<\/li>\n<li>Restructuring business or investment entities<\/li>\n<li>Assisting with property transactions<\/li>\n<li>Managing or holding money on your behalf<\/li>\n<li>Helping arrange loans or other financing<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>For these services, identity verification and background checks must be completed before we can begin the work.<\/p>\n<h3><span style=\"color: #007565;\">Identity Checks Will Be Required<\/span><\/h3>\n<p>If you request a designated service, we\u2019ll need to formally verify your identity, much like when you open a bank account.<\/p>\n<p>We may also ask questions about:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The source of funds for a transaction<\/li>\n<li>Whether you or close relatives hold prominent public positions<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>These are standard compliance questions under the new law and don\u2019t imply anything unusual.<\/p>\n<h3><span style=\"color: #007565;\">What This Means for Existing Clients<\/span><\/h3>\n<p>If you\u2019re already a client with us before <strong>1 July 2026<\/strong>, you\u2019re considered a <em>pre\u2011commencement client<\/em>. There\u2019s nothing you need to do immediately.<\/p>\n<p>The new requirements only come into play when you later request a designated service \u2014 for example, setting up a new trust, restructuring a group, or purchasing property.<\/p>\n<p>At that point, we\u2019ll complete the necessary checks before proceeding.<\/p>\n<h3><span style=\"color: #007565;\">Your Information and Privacy Remain Secure<\/span><\/h3>\n<p>Any information collected under AML\/CTF rules is used <strong>solely to meet legal compliance<\/strong> obligations.<\/p>\n<p>Your details are:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Handled in accordance with Australian Privacy Principles<\/li>\n<li>Stored securely<\/li>\n<li>Retained for a minimum of seven years, as required by law<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><span style=\"color: #007565;\">What We Need From You (For Now)<\/span><\/h3>\n<p>At this stage, <strong>no action is required<\/strong>.<\/p>\n<p>We\u2019re sharing this information early so you\u2019re aware of what\u2019s changing and why. When you need a designated service, we\u2019ll walk you through the process at that time.<\/p>\n<h3><span style=\"color: #007565;\">A Message From Our Team<\/span><\/h3>\n<p>If you have questions or would like to talk about how the changes might affect future plans, please feel free to contact us. We\u2019re always here to help.<\/p>\n<p>Call us on 03 9886 0800 or email us at\u00a0<a href=\"mailto:team@tagfinancial.com.au\">team@tagfinancial.com.au<\/a><\/p>\n<hr \/>\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Stay ahead of the game! From 1 July 2026, new AML\/CTF rules will change how accountants handle certain services. This quick guide breaks down what you need to know to avoid delays and ensure a smooth process. Don\u2019t get caught off guard, find out how these changes could impact you and how to prepare now!<\/p>\n","protected":false},"author":1,"featured_media":10685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-10676","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whats-happening-at-tag"],"_links":{"self":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/10676","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/comments?post=10676"}],"version-history":[{"count":8,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/10676\/revisions"}],"predecessor-version":[{"id":10684,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/posts\/10676\/revisions\/10684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media\/10685"}],"wp:attachment":[{"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/media?parent=10676"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/categories?post=10676"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.tagfinancial.com.au\/blog\/wp-json\/wp\/v2\/tags?post=10676"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}