Anti-Money Laundering Update - What it means for you
The Australian Government is moving ahead with Tranche 2 of the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) legislation, with changes expected to apply from 1 July 2026. This represents the next phase of reforms, building on requirements that have applied to banks and financial advisers for some time.
So, what does this mean in practice? As part of these changes accountants will also be required to carry out additional “Know Your
Customer” (KYC) checks, even for long-term clients. This may include:
- requesting further information from you
- understanding the nature of your business activities, and
- reporting certain matters to AUSTRAC where required.
Many clients may already be familiar with this type of process. Similar identification checks are commonly used by financial advisers, banks when issuing loans, or through the Director ID application process. However, these new requirements go further than standard ID checks and will form part of a broader regulatory framework.
We recognise this will mean additional administration and information requests over time, including details about identity, source of funds, and business or trust structures.
Forsyths is already working with a reputable provider to ensure we have the right systems and processes in place, with a focus on making the experience as simple and streamlined as possible for our clients.
We will provide more detailed information to you at the time they affect your circumstances.
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