New AML rules for accountants - what this means for you
From 1 July 2026, accounting firms join banks and other financial institutions under Australia’s anti-money laundering (AML) regime. Here’s what’s changing and what it means for you.
What is changing
Under new “Tranche 2” reforms, accountants, lawyers, and a handful of other professions must now follow Australia’s AML/CTF rules when providing certain services - such as setting up companies or trusts, managing client money, or assisting with specific transactions. The regulator is AUSTRAC.
Why it is happening
Criminals use professional services to hide dirty money. Australia is one of the last major economies to bring accountants into the net, and these changes align us with the global standard. In short: they protect honest businesses like yours.
What it means for you
New clients
Before we start work, we’ll run a quick identity check using our secure online verification service. Most people complete it in minutes from their phone. For companies and trusts, we’ll also confirm who ultimately owns or controls the entity.
Existing clients
Nothing changes on 1 July 2026 - we can keep working together as normal. We’ll only need to run the full checks if:
- you ask us for a new or substantially different service, or
- something changes that increases the risk we’re required to assess.
- Occasionally we’ll ask about the purpose of a transaction or source of funds. These are standard questions, not a red flag.
- We may ask you to confirm your details are still current.
- All records are kept securely for seven years, as required.
If either applies, we’ll contact you directly.
What you might notice day-to-day
- Occasionally we’ll ask about the purpose of a transaction or source of funds. These are standard questions, not a red flag.
- We may ask you to confirm your details are still current.
- All records are kept securely for seven years, as required.
What we’re doing at WLM
Behind the scenes, we’ve built a formal AML/CTF program, set up online ID verification, and trained the whole team. Our aim is for the process to be quick and seamless on your end.
The bottom line
These rules raise the bar for the whole profession - and that’s a good thing. They protect your business and reputation. We’ve done the heavy lifting so the experience stays simple for you.
Need clarity on the new AML/CTF requirements?
Your WLM adviser can help you understand what’s changing, what to expect, and what it means for your business.
Contact WLM to arrange a consultation.
