What are the changes?
From 1 July 2026, the Australian government is expanding its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws to include accounting professionals, known as the “Tranche 2” reforms. As a result of these changes, we are now required to expand our client onboarding processes and follow strict compliance rules to implement more rigorous identity verification, enhanced due diligence and continuous transaction monitoring.
While these changes are designed to provide a safer and more secure environment for your business, they require significant updates to our internal systems, technology and compliance operations.
What this means for you
For the most part your day-to-day experience with us will remain seamless. However, you may notice a few adjustments:
- Setting up new companies or trusts: if we are establishing a new entity for you, we will need to formally identify and verify all directors, shareholders, trustees and beneficial owners, including running specific AML and sanctions checks.
- Updates to existing entities: If you have an existing company or trust with us, we will be progressively updating our files. This means we may reach out to request updated information or proof of ID.
- Source of funds: for certain high-value transactions or structures, we are now legally required to ask for documentation verifying the source of the funds being used.
- Streamlined digital onboarding: we are investing in secure updated compliance technology to make any required document submission as quick and painless as possible. However as all due diligence must be completed before any designated service can be provided, it means onboarding may take longer while these checks are processed.
What happens if you can’t provide this information?
We are legally prohibited from acting on your behalf or providing these services until your identity has been fully verified. If we do not receive the required documentation, we may not be able to proceed. We want to avoid this completely, so we will work closely with you to make the collection process as fast and simple as possible.
Update to our fee structure
Implementing these mandated compliance frameworks requires a substantial investment in advanced security software and independent auditing. To ensure we continue to meet these strict legal obligations without compromising the quality of our service, we will be adjusting our fee structure effective 1 July 2026. We understand that fee increases are never welcome news and we do not take this decision lightly. This adjustment is entirely dedicated to absorbing the cost of the required AML government compliance.
Our commitment to your privacy
We assure you that all sensitive information collected under these guidelines will be securely encrypted, stored, and handled strictly in accordance with Australian privacy laws.
Next Steps
You do not need to take any action right now. If we require any updated documentation from you in the future, we will reach out to guide you through the quick verification steps.
If you would like more information on how these federal reforms protect Australian businesses, you can view the official guidelines on the AUSTRAC Information Page.
Thank you for your understanding as we transition through these mandatory legislative updates. Please contact us if you have any immediate questions.
