From 1 July 2026, anti-money laundering and counter-terrorism financing (AML/CTF) laws are being extended to a broader range of professional services, including accountants. These reforms represent one of the most significant regulatory changes to affect the accounting profession in recent years. We want to keep you informed so there are no surprises, and to reassure you that we are managing these changes on your behalf.

What is AML/CTF?

Australia’s AML/CTF laws are designed to prevent money laundering and terrorism financing from entering the financial system. Historically, these laws applied mainly to banks, financial institutions and gambling providers, but now they will apply to:

• Real estate agents and property developers.
• Lawyers.
• Accountants.
• Conveyancers.
• Trust and company service providers.
• Dealers in precious metals and stones.

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What is changing?

From 1 July 2026, the laws are being expanded to align with international standards and to reduce the risk of financial crime across a wider range of industries. Professional service providers, including accountants, are now recognised as potentially exposed to money laundering or terrorism financing risks when assisting with certain activities. The expanded requirements will apply to a range of designated services provided by accounting firms, including:

• Company, trust and SMSF establishment
• Assisting with the sale, purchase or transfer of entities
• Certain company secretarial services
• Holding or managing client money

SH Tax Accountants will be required to enrol with AUSTRAC, maintain certain records in connection with AML/CTF laws, and report on suspicious matters.

What does this mean for you?

Preparing financial statements, tax returns, business activity statements, book-keeping and payroll services are not designated services. Therefore, for most clients, no action is required right now. We will contact you directly if we need anything from you.

If you are commencing or continuing to receive a designated service from us, or if there are changes to your ownership structure, or our existing identification documentation is incomplete or out of date, we will reach out with a request for information to ensure we comply with the expanded AML/CTF laws.

To help us comply, we may ask you to:

• Provide documentation to verify your identity (for example, a copy of your driver’s licence or passport)
• Provide details to allow us to identify all directors and shareholders of companies, or beneficiaries and controllers of trusts
• Answer questions about the purpose of new entities, your source of funds for transactions, or your source of wealth, to allow us to appropriately assess and document risk

Our commitment to you

At SH Tax Accountants, our goal is to meet these new obligations whilst keeping your experience as smooth, efficient and straightforward as possible. We are conducting firm-wide training and updating our internal systems and processes to ensure full compliance with the expanded AML/CTF laws. Our nominated AML/CTF Compliance Officer is Shalini Hariramani, CPA, CTA.

While regulatory change can feel disruptive, these reforms are designed to strengthen trust, transparency and protection across Australia’s financial system. We remain committed to delivering responsive, professional advice and to guiding you through these changes with clarity and care.

Your privacy and data security remain our priority. Any personal data collected is used solely for identity verification and AML/CTF compliance, and is handled in accordance with Australian privacy laws and our professional obligations.

If you have any questions about these changes or how they may affect you, please do not hesitate to contact Shalini directly:

• Phone: 1300 0 SH TAX (74829)
• WhatsApp: +61 493 764 152
• Website: www.shtax.com.au/contact-us