From 1 July 2026, new Anti‑Money Laundering and Counter‑Terrorism Financing (AML/CTF) requirements will apply more broadly to professional service firms, including accounting practices like AgilisCA. These changes are part of a national regulatory push to strengthen Australia’s financial system and align more closely with international standards.
This blog explains what AML/CTF laws are, why you’re hearing more about them now, and what AgilisCA clients can expect in practice.
What Are AML/CTF Laws in Simple Terms?
AML/CTF laws are designed to stop criminals and terrorist organisations from using legitimate businesses and financial channels to move or disguise funds.
In plain language:
- Anti‑Money Laundering (AML) rules aim to prevent illegal funds (for example, from fraud, tax evasion or other crime) being “cleaned” so they appear legitimate.
- Counter‑Terrorism Financing (CTF) rules aim to prevent funds being used to plan, support or carry out terrorism.
Governments around the world treat banks, lawyers, accountants and other professionals as “gatekeepers” to the financial system. Because of this, they impose legal duties on these professions to know their clients, understand the nature of the work they are doing, and report or refuse certain activity where required.
The changes taking effect from 1 July 2026 are part of that broader push to ensure gatekeeper professions have stronger controls and clearer responsibilities.
Why Are You Hearing More About AML/CTF Now?
Historically, AML/CTF rules focused heavily on banks and large financial institutions. Over time, governments and regulators have recognised that complex structures and transactions often involve lawyers, accountants and corporate service providers as well.
As a result, reforms are being rolled out so that:
- More types of professional services are covered by AML/CTF obligations.
- The expectations around client due diligence, record‑keeping and risk assessment are higher.
- Professionals face clearer legal duties and potential consequences if they fail to meet those duties.
For AgilisCA, this means that certain services we provide will now carry much stricter legal requirements than in the past. These are not internal policies that we can choose to ignore – they are set by law and enforced by government agencies.
Which AgilisCA Services Are Most Affected?
While your individual situation may differ, the services most likely to be affected by AML/CTF obligations include work where we:
- Help set up, restructure or administer companies, trusts or other entities.
- Act as your registered office or manage ASIC corporate compliance on your behalf.
- Assist in transactions that involve changes in ownership, control or flow of funds between entities or individuals.
- Provide services where understanding beneficial ownership, source of funds or purpose of a structure is critical.
In these areas, AgilisCA will be legally required to collect more information, perform structured checks, and in some cases keep ongoing records about risk.
We will explain the specific requirements that apply to you when we onboard a new entity, renew engagement terms, or undertake work that falls under the AML/CTF regime.
What Changes Will AgilisCA Clients Notice?
Most clients will experience the changes as more thorough onboarding and review processes, rather than a change in the core advisory relationship. In practical terms, you may notice:
1. More Detailed Identification and Verification
We will need to:
- Request and verify identification documents for directors, shareholders and beneficial owners.
- Confirm company details, such as registered office, directors and share structure, against official records.
- In some cases, ask for information about who ultimately owns or controls an entity, even if they are not listed on the ASIC register.
These checks help us meet legal standards around “knowing your client”.
2. More Questions at the Start of Engagements
When we set up a new company or trust, assist with a restructure, or take on a new engagement, we may ask more detailed questions, such as:
- Why a particular structure is being created or changed.
- How funds will be contributed and used within the entity.
- Who will benefit from the structure and who has control.
This isn’t about being intrusive; it’s about understanding the purpose of the work so we can meet our AML/CTF obligations.
3. Internal Risk Assessment and Documentation
Behind the scenes, we will be required to:
- Assess the risk level of certain engagements or structures.
- Keep records of that assessment and the information you provide.
- In higher‑risk scenarios, seek additional information or apply more stringent checks.
This process is part of complying with AML/CTF requirements; it is not a reflection on you personally.
4. Updated Engagement Letters and Terms
You will likely see updates to our engagement letters and terms of business, including:
- References to AML/CTF obligations.
- Explanation that we may be required to request information, decline work, or cease a relationship if we cannot meet legal requirements.
- Clarification around how we handle your data in the context of these laws.
What Hasn’t Changed
Even with these reforms, some things remain the same:
- AgilisCA is still focused on helping you grow and protect your business and investments with clear, proactive advice.
- Your confidential information remains subject to privacy laws, professional standards and our existing commitments to protect it.
- We continue to value long‑term, relational partnerships with our clients in Brisbane and beyond.
The core of what we do – helping you make better financial decisions – remains unchanged. The difference is that we now have more formal obligations around how we document and verify certain aspects of that work.
What If Required Information Isn’t Provided?
Because these rules are legal requirements, not internal preferences, there may be situations where:
- We cannot proceed with a new engagement until certain information is supplied.
- We must pause or stop work if we cannot complete required checks.
- We are limited in the types of services we can offer if you choose not to provide specific details.
This is not a commercial decision or a reflection of our relationship with you; it is simply compliance with law. Where this arises, we will always explain clearly:
- What information is being requested.
- Why it is needed in the context of AML/CTF.
- What it means for the services AgilisCA can or cannot provide.
How You Can Make the Process Easier
There are simple steps you can take to help ensure a smooth transition:
- Keep your ASIC company records up to date, including directors, shareholders and addresses.
- Maintain accessible copies of identification documents for key individuals (such as directors and beneficial owners).
- Be prepared to explain the purpose and context of new structures, entities or major transactions.
- Respond promptly to requests for information or documents you receive from our team.
These small actions can significantly reduce delays and help us meet both our obligations and your desired timelines.
Support From AgilisCA
Over the coming period, AgilisCA will:
- Update our client onboarding and engagement processes to align with the new AML/CTF requirements.
- Provide further information specifically about how these changes affect registered office services and ASIC corporate compliance, including options if you prefer to self‑manage those obligations.
- Offer guidance where you’re unsure what information is needed or how these rules apply to your structures.
If you have questions about how AML/CTF reforms may impact your work with AgilisCA, please contact your usual advisor or our office in Brisbane. We are here to help you navigate the changes in a way that is compliant, practical and as straightforward as possible.
