From 1 July 2026, accounting firms came under Australia’s anti-money laundering and counter-terrorism financing laws for the first time. For most clients the practical effect is small: we now have to verify who you are before we do certain kinds of work. Here is the short version.
Current as at 30 Jul 2026
Which work is covered
Only some services trigger the rules. AUSTRAC calls them designated services. For an accounting firm, they include:
- Setting up or administering a company, trust, or partnership
- Acting as a nominee director, shareholder, or trustee
- Holding or moving money on your behalf
- Helping you buy, sell, or transfer a business
- Providing a registered office or business address
Routine work is not covered
Preparing your tax return, lodging your BAS, producing financial statements, and giving tax advice all sit outside the rules. In practice: if you have a company or a trust, expect to be asked. If we only do your tax return, you probably will not be.
What we will ask for
Enough to confirm you are who you say you are, and to see who ultimately controls an entity. Nothing beyond that.
Individuals
One current photo ID — driver licence or passport — plus your full name, date of birth, and residential address.
Companies
Company name and ACN, registered and trading addresses, and ID for the directors and anyone holding more than 25%.
Trusts
The trust deed, plus ID for the trustees, the settlor, and the beneficiaries.
We also have to check names against Australian sanctions lists and identify politically exposed persons. That happens on our side and you will not notice it.
How often you will hear from us about it
Once, when we take you on or when we first do covered work for you. After that we keep the file current, so expect a short check-in if your structure changes, you appoint a director, or your ID expires.
Existing clients are included. Long-standing clients are usually the fastest to clear, because we already hold most of what is needed.
What happens to your documents
They go into your client file, encrypted, and only the people working on your affairs can see them. We are required to keep them for seven years after our work for you ends. We do not use them for anything else, and we do not sell or share them. Our privacy policy sets out the detail.
If you need to send ID, ask us for a secure upload link first. Plain email is not a good place for a passport scan.
Two things worth knowing
We cannot start covered work until the checks are done
That is a legal condition, not a policy of ours. Get your documents to us early and it will not hold anything up. Leave it to the week of settlement and it will.
If we ever report a matter, we are not allowed to tell you
The law calls this tipping off and it carries penalties. So if we ask a question that feels oddly specific, that is the regime at work. It is not personal, and it is not a judgement about you or your business.
Fees
Meeting these obligations takes time, systems, and ongoing monitoring, so fees apply. We are not going to spring them on you. The amount will be set out in your next engagement letter, before any work starts, so you can see exactly what you are agreeing to.
Questions
Ring your local office. It is a 15-minute conversation at most, and it is far better to ask now than to find out mid-transaction.
Sydney — Sydney CBD (02) 9948 5521
Melbourne — Bundoora (03) 9408 6555
Canberra — Bungendore (02) 6164 2008
Adelaide — Black Forest (08) 8351 0510
AUSTRAC publishes plain-English guidance for the sectors it regulates at austrac.gov.au.
Common questions
You have been my accountant for years. Do I really need to do this? ▾
Yes, if we do covered work for you. The rules apply to existing clients as well as new ones, and there is no grandfathering. The upside is that long-standing clients are usually quick to clear.
I only get my tax return done. Am I affected? ▾
Almost certainly not. Tax returns, BAS, and financial statements are not designated services. If you also have a company or trust that we set up or administer, then you are.
What if I would rather not hand over ID? ▾
For tax-return-only clients, nothing changes. For anything involving a company, a trust, or client money, we cannot act without the checks — so we would have to stop that part of the work. We would rather talk it through than get to that point.
Does this mean you think I am doing something wrong? ▾
No. Every client of every accounting firm in the country is going through the same process. The obligation sits on us, not on you.