• Geelong - 24 Moorabool Street
  • 03 5221 7655
  • Melbourne - 360 Collins Street
  • 1300 217 655
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Changes to how Accounting Practices work with Clients from 1 July 2026

Anti-Money Laundering Rules to cover Accountants from 1 July 2026

The government is extending anti-money laundering (AML) rules to cover Accountants (and Lawyers and Real Estate agents) from 1st July 2026. This will bring our profession into line with the same checks your bank does when you open an account. This applies to every accounting practice in Australia, not just ours, and it’s regulated by AUSTRAC.
 
While we have designed our process to be as simple as possible, you will notice some changes to our onboarding, structuring and ASIC procedures which may mean additional time is required before certain services can be provided. 
 
The main requirement of this change involves ensuring we have conducted due diligence on all clients and that we have verified the identity of all clients. 

This will involve sighting original photo ID and ensuring we have full details for all individuals involved with your structure (Company, Trust, SMSF). This type of information includes verifying full names, addresses, date of birth and up to date contact details.  For Company Directors this also includes recording your Directors ID number.  
 
For our existing clients with Companies, we will work through this verification with you in line with your ASIC annual review date. If you are looking to set up a new structure, we will need to ensure all requirements are in place before we can set up this structure.
 
Please be assured that all personal information collected as part of this process is used for AML compliance purposes only.  Your information is stored securely, handled under the Australian Privacy Principles, and kept for at least seven years as the law requires. It will not be used for marketing or shared with third parties.
 
Unfortunately, we cannot opt out of meeting these laws and there is a cost to business of complying with these AUSTRAC requirements. To help cover this cost we will be adding an additional $150+ GST to the Annual ASIC invoice for each Company.
 
If you have any concerns regarding these requirements, please contact us e:  admin@patrickrowan.com.au