AML changes for small business owners from 1 July 2026

From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) obligations will apply to a wider range of professional services, including some provided by accountants.

For small business owners, this may mean additional identity and business verification checks when we assist with companies, trusts, business structures, entity changes or certain advisory work.

These changes are designed to reduce the risk of the financial system being used for money laundering, terrorism financing or other unlawful activity. In practice, they add another layer of compliance for accounting firms and small businesses.

What this may mean for you

If you operate through a company, trust, partnership or other business structure, we may need to confirm and record details such as:

• who owns or controls the business

• who the directors, trustees, partners or shareholders are

• whether business and entity information is current

• identification details for relevant individuals

• supporting documents for companies, trusts or related entities

For many small business owners, this may feel like extra administration. Our role is to make the process as clear and simple as possible and to explain what we need and why.

When checks may be required:

• AML checks may be required when we assist with services such as:

• setting up or changing a company or trust structure

• working with directors, trustees or shareholders

• providing certain business advisory or structuring advice

• updating client or entity details

• reviewing information as part of ongoing compliance requirements

These checks are not just for new clients. Existing clients may also need to have their details reviewed or updated, particularly when entities are involved, or certain services are provided.

Ongoing monitoring and record-keeping

The new rules also require accounting firms to keep appropriate records and monitor client information over time. This means we may need to reconfirm details from time to time, especially if your business structure, ownership, directors, trustees or related entities change.

This is part of the ongoing compliance framework we are legally required to follow.

What you need to do

You don’t need to do anything immediately.

As the rules come into effect, we will let you know if we need any additional information from you. If your company, trust, shareholders, directors, or other business details have changed, it is important to keep us informed so we can ensure your records remain current.

While these changes do add another layer of compliance, our aim is to make the process as straightforward as possible so you can stay focused on running your business.

For more information about the AML/CTF reforms, you can visit AUSTRAC’s overview of the changes.

If you have any questions about what this may mean for you, please get in touch.