Australia’s anti-money laundering and counter-terrorism financing laws are being expanded. These changes are often referred to as the “Tranche 2” AML/CTF reforms.

From 1 July 2026, the rules will apply to certain services provided by accountants, lawyers, conveyancers, real estate agents, trust and company service providers, and dealers in precious metals and stones.

What this means for you

As part of these changes, we may need to request additional information from you before starting or continuing certain work. This may include:

• proof of identity
• company, trust or partnership details
• information about directors, trustees, shareholders and beneficial owners
• trust deeds, company extracts or other supporting documents
• details about the purpose of a transaction or matter
• information about the source of funds or source of wealth, where relevant

These checks are a legal requirement and are not a reflection on any individual client.

Impact on costs

The new rules will increase compliance obligations for all accounting firms and other professional service providers. This may include the cost of identity checks, performing due diligence and risk assessments, software subscriptions, staff training, record keeping, reporting and additional administration.

Where extra AML/CTF compliance work is required, additional fees or disbursements may apply. Extra costs and compliance are most likely to apply where you own or run an entity.

We will aim to keep any additional costs reasonable and proportionate.

Other professions are affected too

These reforms do not only apply to accountants. You may also receive similar requests from lawyers, conveyancers, real estate agents and other affected service providers.

How you can help

To help avoid delays, please provide requested documents promptly and let us know if there are changes to your ownership, control, structure or business activities.