AML CTF reforms | New rules are coming for accountants and bookkeepers. Here's what it means for you.

AML CTF reforms

From 1 July 2026, anti-money laundering laws that have applied to banks and casinos for nearly two decades are being extended to a much wider group of professions, including parts of accounting and bookkeeping. It's a genuine shift in how our industry operates, and depending on what you use us for, you might notice a few small changes in how we work with you.

What's actually changing

These rules (officially the AML/CTF reforms, often called "Tranche 2") aren't really about catching out small business owners. They're aimed at closing gaps that could let money laundering or the financing of crime slip through professional services that handle entities, structures and client funds. From 1 July, the same kind of obligations banks have worked under for years extend to accountants, bookkeepers, lawyers and real estate agents who provide certain types of services.

Does this affect you

For most of what we do, day-to-day bookkeeping, BAS, payroll, tax returns, nothing changes. These rules only apply to specific services, generally things like setting up companies and trusts, acting in certain trustee or structuring capacities, or handling client funds in particular ways.

We're working through exactly which parts of what we offer fall under the new rules. Some of our company and trust setup work is likely to be included. We'll be upfront with you if something you've asked us to do now requires an extra step.

Where this is likely to apply

AUSTRAC sets out a specific list of services that can trigger these obligations for an accounting practice. Most of what a typical bookkeeping and tax practice does sits outside that list entirely. For us, the main area it touches is company and trust work, setting up a new company or trust, restructuring an existing one, or lodging changes to directors and shareholdings with ASIC.

Where it doesn't apply

The list also covers things like real estate transactions, holding or managing client funds, equity and debt financing, acting as a director or trustee on someone else's behalf, and providing a registered office address. We don't offer registered office services, and the rest of that list sits outside what we do. So if your relationship with us is bookkeeping, BAS, payroll or tax compliance, none of this changes anything for you.

What that extra step might look like

If you're affected, the main thing you'll notice is a bit more identity verification up front, and a few more questions about the purpose of a structure or transaction before we proceed. This isn't us being suspicious of you personally, it's what the law now requires of us before we can act. Every accountant and bookkeeper providing these services will be asking the same questions from 1 July.

What we need from you

• If you've got a company or trust setup, restructure, or similar in progress or planned, flag it with us so we can build the right timeline around it.

• Expect to be asked for identity documents you may not have needed to provide before, for certain services only.

• If you're not sure whether something you're asking us to do falls under the new rules, just ask. We'd rather explain it up front than have it slow things down later.

This is a compliance shift on our end more than yours. We're handling the heavy lifting. We just wanted you to understand why a few extra questions might show up if you're working with us on structuring or entity setup from July.