From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will apply to accountants across Australia.
These reforms, introduced by AUSTRAC, extend AML/CTF obligations to accounting firms providing certain designated services. The purpose of these changes is to help detect and prevent money laundering and other financial crimes within Australia’s financial system.
While these requirements do not apply to every service we provide, Waterford Accountants will be required to complete identity verification and client due diligence checks where applicable before we can proceed with certain services, more specifically, the establishment of new entities.
What does this mean for you?
Where AML/CTF requirements apply, we are required to verify the identity of relevant individuals and entities involved.
This may include:
- Individuals.
- Directors, shareholders and beneficial owners.
- Trustees and relevant parties associated with trusts and Self-Managed Super Funds (SMSFs).
- Related companies or entities connected to a client.
- Individuals acting on behalf of a client, i.e. authorised representatives.
What information may we need?
The information required will depend on your circumstances and the nature of the service being provided.
This may include:
Individuals
- Government-issued identification, such as a driver’s licence or passport.
- Confirmation of personal details, including name, date of birth and address.
- Verbal confirmation of your Tax File Number. We will never request this information via email.
Companies
- Director identification and details.
- Information regarding shareholders and beneficial ownership.
- Company documents where required.
Trusts and SMSFs
- Trust deeds.
- Trustee identification.
- Relevant ATO, ASIC or supporting documentation.
In some circumstances, we may also need information regarding the source of funds or source of wealth associated with a transaction or engagement.
How will verification be completed?
To make the process secure and convenient, Waterford Accountants has partnered with an experienced AML/CTF platform provider, AMLHub.
Identity verification can be completed either in person or remotely through a secure verification link sent via email or SMS. This process will be facilitated through AMLHub / RealMe Identity Verification, a regulated eCheck provider that securely verifies and stores client identity information.
We will only request information that is necessary to meet our legal obligations.
We’re here to help
Please note that there is nothing required from you at this stage. If these requirements apply to services we provide to you in the future, our team will contact you directly with further information.
If you have any questions about the new AML/CTF requirements, please contact our team.