AML/CTF Reforms: What Treysta Wealth Clients Need to Know from 1 July 2026

From 1 July 2026, significant changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime will come into effect for accounting professionals and other newly regulated industries.

These reforms form part of the Australian Government’s efforts to strengthen the country’s financial system, combat financial crime and align Australia’s AML/CTF framework with international standards set by the Financial Action Task Force (FATF). The changes are designed to help deter, detect and disrupt money laundering, terrorism financing and other forms of serious organised crime while providing greater transparency and integrity across professional services.

While regulatory change can often seem daunting, these reforms are ultimately a positive step for businesses and clients alike. By strengthening identification, verification and monitoring processes, the reforms help protect individuals, businesses and the broader economy from criminal activity and financial fraud.

What is Changing?

Historically, AML/CTF obligations have primarily applied to banks, financial institutions and other regulated entities. From 1 July 2026, these requirements will extend to a range of additional professions, including accountants, lawyers, conveyancers, real estate professionals and trust and company service providers.

For accounting firms, this means additional customer due diligence requirements before certain designated services can be provided. Firms will be required to collect and verify client information, understand the nature and purpose of engagements, identify beneficial ownership structures where relevant, and undertake ongoing monitoring in certain circumstances.

Many of these requirements reflect processes that are already considered best practice across professional services. The reforms establish a more consistent framework across industries while building on measures that many professional service providers already have in place. 

What Will This Mean for Clients?

For most clients, the practical impact will be minimal.

Both new and existing clients may be asked to provide identification documents, confirm ownership or control structures, answer additional questions about the purpose of an engagement, or provide updated information from time to time. 

These additional checks are designed to help ensure services are being provided to legitimate individuals and entities, while reducing opportunities for criminal misuse of Australia’s financial system.

In many cases, the changes will simply involve a few extra verification steps during onboarding or at key points throughout an engagement.

How Will the Requirements Apply to Different Clients and Services? 

Australia’s AML/CTF regime is built around designated services. These are specific financial and professional services considered to carry a higher risk of money laundering, terrorism financing or other financial crimes. The recent reforms expand the list of designated services, bringing more businesses and sectors within the scope of AML/CTF regulation.

For accounting professionals, newly regulated designated services may include:

• Real estate transactions: Assisting in the planning or execution of buying, selling, or transferring real estate.
• Entity management: Creating, restructuring, or buying and selling shelf companies, bodies corporate, or legal arrangements.
• Financial facilitation: Organising debt/equity financing or receiving, holding, and managing client property for transactions.
• Corporate governance: Acting (or arranging others to act) in particular corporate positions, or providing registered office/principal place of business addresses.

Where these services are provided, businesses may be required to:

• Verify a client’s identity using reliable and independent documentation.
• Identify and verify beneficial owners, including individuals who own or control 25% or more of a company.
• Understand the nature and purpose of the business relationship.
• Conduct enhanced due diligence for higher-risk clients or transactions where required.

The specific requirements will vary depending on the type of client, the services being provided and the level of risk involved.

How Treysta Wealth Is Preparing

While the accounting reforms commence on 1 July 2026, Treysta Wealth’s Financial Advice division has already been operating under the updated AML/CTF framework since 31 March 2026.

As many of our existing processes were already robust, only minor enhancements were required following the introduction of the updated framework. This included changes to document retention practices and increased monitoring of certain transaction activities.

Our goal is to make any additional verification requirements as straightforward as possible while continuing to deliver the high level of service and advice our clients expect.

Looking Ahead

The introduction of these reforms represents an important step in strengthening Australia’s financial system and bringing regulatory requirements into line with global standards.

While some additional information and verification requirements will become part of the client experience, these measures are designed to protect both businesses and consumers while supporting a more transparent and secure financial environment.

If you have any questions about how the AML/CTF reforms may affect you or your business, please contact the Treysta Wealth team.

Written by Mark Nagle, Co-CEO and Executive Director at Treysta Wealth