Australia is stepping up its fight against financial crime with sweeping changes to its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, and the impact on professional service providers will be significant.
From 1 July 2026, a wider group of businesses — including accountants, real estate professionals, legal advisers, and trust or company service providers — will fall under the newly expanded AML/CTF regime. These reforms are part of the second tranche of legislative updates to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and are designed to bring Australia in line with global standards while closing long-standing regulatory loopholes.
For businesses like yours, the message is clear: start preparing now or risk major penalties later.
Who Will Be Affected?
If your business provides certain financial or administrative services — even if they’re part of your regular advisory role — you may be captured under the new AML/CTF rules. Key examples include:
- Accountants who help clients set up companies or trusts, manage funds, act as nominees or directors, or assist with investment and loan decisions
- Real estate professionals involved in buying, selling, or managing property transactions
- Lawyers and conveyancers facilitating financial settlements or holding client money
- Trust and company service providers, including those providing registered addresses or acting as nominee shareholders
These businesses will become “reporting entities” and will be required to register with AUSTRAC and maintain ongoing compliance obligations.
What Will Be Required?
From July 2026, affected businesses must:
- Register with AUSTRAC by 29 July 2026
- Appoint a dedicated AML/CTF Compliance Officer
- Develop and maintain an AML/CTF compliance program tailored to their risk exposure
- Conduct customer due diligence (CDD) and ongoing risk assessments
- Report suspicious transactions and international fund movements
- Keep detailed records to demonstrate compliance
These changes represent more than just procedural updates — they require a cultural shift toward proactive compliance and risk management.
Why Businesses Should Act Now
While the deadline may seem distant, early preparation offers significant advantages. Businesses that act now can:
- Avoid last-minute panic and rushed compliance efforts
- Position themselves as trustworthy and compliant professionals
- Minimise the risk of reputational damage or costly fines — which could be as high as $33 million for companies and $6.6 million for individuals
AUSTRAC has made it clear: this isn’t optional. Civil penalties, enforceable undertakings, and even external audits await those who fail to act.
How Boa & Co. Chartered Accountants Can Help
At Boa & Co., we understand that many small to medium professional service firms — especially those led by busy principals — simply don’t have the time or in-house expertise to interpret, implement, and monitor AML/CTF obligations alone.
That’s where we come in. As your trusted accounting and advisory partner, we help you navigate the evolving compliance landscape, so you can focus on what you do best — running your business.
Our AML/CTF readiness services include:
- Risk assessments tailored to your service offerings
- Guidance on AUSTRAC registration and compliance documentation
- Policy drafting and internal control setup
- Ongoing support to keep your compliance program current
Don’t Wait Until It’s Too Late
The AML/CTF reforms signal a new era of compliance and corporate responsibility. Businesses that prepare early will not only avoid penalties but also position themselves as transparent, professional, and trustworthy in the eyes of clients, regulators, and partners alike.
If you’re unsure how the AML/CTF changes will affect you or want to take proactive steps toward compliance, our team is ready to help.
To speak with an advisor, contact Boa & Co. Chartered Accountants today at 1300 952 286, email us at [email protected], or visit www.boanco.com.au.
Let’s work together to future-proof your business and stay one step ahead of the regulator.