From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations will apply to accountants and other professional advisers as part of Australia’s “Tranche 2” reforms. These changes represent a major step in strengthening the country’s ability to prevent financial crime and improve transparency across business and financial systems.
Although not every service provided by MT Corporate Advisory will be impacted, some specific services that fall under the category of “designated services” will now be subject to these new requirements. We want to ensure our clients understand what is changing, how it may affect them, and what additional steps may be required moving forward.
Why Are These Changes Happening?
The Federal Government is broadening the AML/CTF legislation to include professionals who assist with high-value transactions, business structuring, and financial arrangements. This includes accountants, legal professionals, and real estate agents.
The purpose of these reforms is to strengthen Australia’s compliance with international standards set by the Financial Action Task Force (FATF), helping to reduce the risks of money laundering, fraud, and financial misconduct.
Which Services at MT Corporate Advisory Are Affected?
The reforms do not apply to all accounting services. Instead, they focus on specific activities where professionals may be involved in creating, managing, or facilitating financial structures and transactions that carry a higher level of risk.
Examples of services that may fall within the new AML/CTF rules include:
- Providing a registered office address for a company
- Establishing companies, trusts, or self-managed super funds (SMSFs)
- Assisting with business acquisitions or sales, including due diligence
- Supporting business restructures or ownership changes
General tax returns, bookkeeping, and routine accounting services are usually not included under these obligations.
What This Means for You
While the services themselves will remain the same, the process around delivering some of these services will involve additional compliance requirements.
Identity Checks and Verification
If you engage us for a designated service, we will be required to complete Customer Due Diligence (CDD). This may involve:
- Confirming your identity
- Verifying ownership structures and beneficial owners
- Understanding the purpose of the service requested
- Conducting extra checks where higher-risk circumstances exist, such as international dealings or complex entity structures
Keeping Client Information Up to Date
We may also need to request updated information from time to time, including:
- Current contact details
- Business ownership information
- Source of funds or source of wealth where relevant
- Further details relating to transactions or business activities we are assisting with
This may result in more frequent requests for information, but these checks are required under the legislation and help protect everyone involved.
Record Retention and Reporting Requirements
For services covered under the new rules, we may also need to:
- Keep records of identification and verification documents
- Retain transaction and entity documentation
- Report suspicious matters to AUSTRAC when legally required
These obligations are part of the national framework designed to improve financial system integrity.
The Benefits for Clients
While these reforms introduce extra administrative steps, they also offer important protections for businesses and individuals, including:
- Lower risk of fraud or misuse of business structures
- Stronger protection against identity theft and unauthorised transactions
- Greater trust and confidence in financial and business dealings
These safeguards can also provide reassurance for lenders, investors, and regulators who rely on clear, transparent, and compliant business operations.
Our Commitment to You
At MT Corporate Advisory, we are committed to making these changes as seamless and practical as possible for our clients.
Before 1 July 2026, we will be finalising our internal AML/CTF compliance program and introducing updated onboarding and verification procedures. Our focus is to ensure the process remains efficient, straightforward, and client-friendly, while continuing to meet all regulatory requirements and maintaining the high standard of service you expect from us.
📞 Contact us today for a confidential chat.