Important Update for Clients: New AUSTRAC Requirements from 1 July 2026
From 1 July 2026, Australia’s anti‑money laundering and counter‑terrorism financing laws (AML/CTF laws), administered by AUSTRAC, will expand to include certain services commonly provided by accountants. These changes are known as the “Tranche 2” reforms.
Why these changes are happening:
Australia is strengthening its financial crime laws to meet international standards. Accountants are now recognised as “gatekeepers” in higher-risk activities, ensuring safeguards are in place without burdening everyday businesses.
Here’s what you should know:
- Most routine tax, BAS, and compliance services continue as normal
- Certain higher-risk transactions may require additional checks or documentation
- Existing clients won’t need to provide their information again unless something materially changes
- We will only contact you if any information is needed from you
- Our goal is to keep things simple, efficient, and practical
Curious about what these changes mean for your accountant and your business?
The full article explains:
- Which services are affected
- What AUSTRAC expects from accountants
- What (if anything) may be requested from you
- What will stay the same
