New Anti-Money Laundering and Counter-Terrorism Financing laws will now apply to certain services provided by accountants, including services involving the creation, structuring or restructuring of companies, trusts, Self Managed Superfunds, partnerships and other legal arrangements. AUSTRAC has confirmed that businesses providing these professional designated services will need to comply with AML/CTF obligations from the 1st July 2026, including customer due diligence, reporting, record keeping and maintaining an AML/CTF program.
What this means for clients is that, where we are assisting with the establishment of a new entity or legal arrangement, additional verification and compliance steps will be required before we can proceed.
This may include collecting further identification documents, verifying beneficial owners and controllers, completing risk assessments, conducting politically exposed person, sanctions and adverse media checks, and keeping records in accordance with AML/CTF requirements.
Our internal AML/CTF policy also confirms that initial customer due diligence must be completed before we begin providing a professional service, and specifically notes that SMSF setups generally involve an underlying trust, meaning AML/CTF checks may need to be completed as part of our client intake process.
These changes are being introduced to help protect Australian businesses and the broader community from money laundering, terrorism financing and other financial crime risks.
As part of our compliance obligations, we may need to request additional information from clients, including details about company directors, shareholders, trustees, appointors, beneficiaries, members and beneficial owners, depending on the structure being established.
Due to the additional compliance, software, verification, risk assessment and record-keeping requirements involved, our fees relating to company, trust, SMSF, partnership and other legal establishments will be reviewed and updated from 1 July 2026.
We appreciate your understanding as we implement these new requirements and continue to ensure that all entity establishment work is completed correctly and in line with our legal obligations.
