AUSTRAC Anti-money Laundering and Counter-terrorism Financing Obligations
AML/CTF REFORM IS HERE – HERE’S WHAT IT MEANS FOR YOU
From 1 July 2026, new AUSTRAC anti-money laundering and counter-terrorism financing (AML/CTF) obligations will apply to accounting firms that provide certain designated services. These changes form part of the Tranche 2 reforms, which extend Australia’s AML/CTF regime to professions such as accountants, lawyers and real estate businesses to help combat financial crime and align with international standards.
What does this mean?
In simple terms, firms captured by the new rules must take additional steps to:
- verify the identity of clients and certain related parties
- understand who beneficially owns or controls an entity
- assess the money laundering and terrorism financing risk associated with certain designated services and transactions
- maintain appropriate records
- and, where required, report suspicious activity to AUSTRAC.
What’s involved?
The new obligations apply based on the type of service being provided to you, as our client. Relevant designated services can include, but are not necessarily limited to, assisting with certain property or business transactions, assisting with the establishment or restructure of entities, receiving or managing client funds or property in connection with a transaction, acting in certain nominee roles, or providing a registered office or principal place of business address.
How will this impact existing clients?
For most existing clients, the practical impact should be limited. For some matters, however, we may need to undertake additional checks or request updated information so we can meet these new obligations appropriately.
What we may need from you
Depending on the nature of the work, we may ask for:
- updated identification documents
- details of beneficial owners or controllers
- information about the purpose or nature of a transaction or structure
- updated information from time to time as part of our ongoing compliance obligations.
If you are already a client, we may not need to complete full due diligence immediately. However, we are required to complete this due diligence if certain designated services are provided after 1 July. We are also required to monitor risk on an ongoing basis and may need further information if the nature of the engagement changes.
Cost of required compliance checks
As part of these reforms, there will be a cost associated with completing the identity verification and due diligence checks required for designated services. These checks are not optional for either our firm or our clients where the law applies — they are a mandatory part of the new AML/CTF regime and must be completed before we can provide the designated service.
Where these checks are required, the associated cost will be in addition to our usual compliance fees. Our aim is to keep these costs as efficient as possible while meeting our legal obligations.
Our focus
Our approach will be practical, proportionate and as streamlined as possible. We are committed to implementing these requirements in a way that protects our clients, meets our regulatory obligations, and minimises disruption to the service experience you expect from PVW.
If we need anything further from you, we will contact you directly and guide you through the process.