Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws
Important Update: Changes to Our Compliance Obligations
We feel it’s important for you to be aware of the upcoming changes to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws.
From 1 July 2026, a broader range of professional service providers, including accountants, lawyers, conveyancers, real estate professionals and trust and company service providers, will be required to comply with additional AUSTRAC obligations when providing certain designated services.
These reforms are designed to strengthen Australia's response to financial crime and, as a result, may require us to collect and verify additional information and documentation from our clients.
What This Means for You
These obligations apply to both new and existing clients. Even if you have been with us for many years, we may be required to update records, verify identification information or request additional documentation to meet our legal obligations. We will, of course, aim to make this process as straightforward as possible.
In practical terms, you may notice the following changes in how we work together:
Identification documents — We may ask you to provide identification such as a passport or driver's licence, proof of address, or documentation relating to directors, shareholders, trustees or beneficial owners.
Updated information — We may contact you to confirm or refresh information already held on file to ensure our records remain current and compliant.
Questions about transactions or structures — We may need to better understand the purpose of certain transactions, ownership arrangements, source of funds or the nature of your business activities.
Supporting documents — Depending on the services being provided, we may request documents such as trust deeds, company constitutions, bank statements, contracts or settlement documents.
Additional time on some matters — Certain services or transactions may take a little longer while the necessary compliance checks are completed.
Periodic reviews — In some cases, we may need to review and update your information periodically throughout our ongoing relationship.
Situations where we may be unable to proceed — In limited circumstances, the legislation may prevent us from acting or completing certain transactions where required information cannot be obtained or verified.
Why These Changes Are Being Introduced
These changes form part of the ‘Tranche 2’ reforms, which extend Australia's AML/CTF framework to a range of industries that were previously outside the regime. The reforms are aimed at strengthening the detection and prevention of money laundering, terrorism financing and other serious financial crime.
How You Can Assist
To help us meet our obligations efficiently and minimise any delays, we ask that you:
Provide requested identification and supporting documents in a timely manner
Advise us of any changes to ownership, control or authorised representatives
Be prepared to respond to questions regarding transactions and source of funds
Allow additional time where compliance reviews are required
Respond promptly to any requests for updated information during ongoing engagements
Important Information
As a reporting entity under the AML/CTF legislation, we have obligations in relation to record-keeping, client due diligence, transaction monitoring and reporting certain matters to AUSTRAC. Please also be aware that in some circumstances, the legislation restricts us from disclosing when reports have been made to regulators or law enforcement agencies.
We thank you for your understanding and cooperation as these reforms are implemented across the industry and appreciate your continued support.
Should you have any questions about how these changes may affect you or your business, please do not hesitate to contact our office or directly to me paul@congdonfuzi.com.au