Big changes are coming to the accounting industry.
From 1 July 2026, Australian accountants will begin operating under expanded anti money laundering and counter terrorism financing laws.
For many business owners, this means you may notice:
• More identity checks
• Additional questions about transactions
• Requests for updated documents
• Increased compliance procedures
While this may feel unfamiliar at first, these changes are becoming standard across many professional service industries.
Why Are These Laws Changing?
The Australian Government is increasing efforts to combat:
• Money laundering
• Fraud
• Terrorism financing
• Identity theft
• Criminal misuse of companies and business structures
Accountants play an important role within the financial system because we help businesses:
• Set up companies and trusts
• Manage financial transactions
• Purchase assets
• Structure businesses
• Handle ongoing compliance
Because of this, accounting firms will soon face stricter legal obligations.
What Clients May Start Noticing
Businesses and individuals may begin receiving requests for:
• Identity verification
• Updated driver licences or passports
• Information about where funds came from
• Additional financial records
• Verification of company directors and beneficial owners
In some situations, we may need to ask for information we have never requested before.
This is not about creating inconvenience.
It is about complying with new federal legislation.
Why These Changes Matter
The penalties for failing to comply with AML laws can be significant.
Accounting firms will be required to:
• Properly identify clients
• Understand the nature of transactions
• Monitor suspicious activity
• Maintain accurate records
This means accountants can no longer simply rely on assumptions or incomplete information in certain situations.
Compliance Is Increasing Across All Industries
These changes are not limited to accountants.
Many businesses are already seeing stricter compliance requirements from:
• Banks
• Finance providers
• Mortgage brokers
• Solicitors
• Real estate professionals
Australia is moving toward a much more regulated financial environment.
How Businesses Can Prepare
The best way to prepare is to:
• Keep identification documents current
• Ensure company records are accurate
• Respond quickly to information requests
• Maintain organised financial records
Delays often happen when documents are outdated, incomplete or difficult to verify.
Final Thoughts
The new AML laws will introduce additional administration for both accountants and clients.
However, these requirements are quickly becoming part of normal business operations in Australia.
The goal is to improve transparency, reduce financial crime and strengthen trust within the financial system.
For business owners, staying organised and working closely with proactive advisers will make the transition much smoother.