Important Changes to How We Verify Your Identity
New AML/CTF Compliance Requirements Coming 1 July 2026
At Gardner Brown Accountants, we believe in keeping our clients informed about legislative changes that may affect how we work together.
From 1 July 2026, important changes to Australian legislation will introduce new compliance obligations for accounting firms and other professional service providers across the country.
These changes form part of Australia’s expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, designed to strengthen protections against financial crime and bring additional industries into the existing regulatory framework.
What’s Changing?
From July 2026, accounting firms, alongside professionals such as lawyers, conveyancers and real estate agents, will become subject to AML/CTF legislation that has traditionally applied to banks and financial institutions.
The purpose of these reforms is to help prevent:
Money laundering
Terrorism financing
Fraud and identity-related financial crime
The misuse of business structures to facilitate illegal activity
These changes are part of a broader national effort to improve transparency and strengthen Australia’s financial system.
What Does This Mean for You?
As part of these new obligations, there may be times where we are legally required to collect and verify identity information when we first commence working with you, and periodically throughout our ongoing engagement.
For individuals, this may involve standard identity verification checks.
If you are acting on behalf of a company, trust, partnership or other business structure, we may also need to verify the individuals who ultimately own or control that entity.
This will generally include:
Individuals holding 25% or greater ownership
Directors or senior management personnel
Individuals who have decision-making authority or control over the entity
These requirements will become part of standard compliance procedures across many professional service providers.
A Few Things We’d Like to Reassure You About
We understand that requests for identification or business ownership information may feel unfamiliar in an accounting relationship, so we want to reassure our clients of the following:
These checks are a legal requirement
The new laws apply broadly and are not a reflection on you personally.
We will only request information required by law
We will never ask for unnecessary information outside our compliance obligations.
Your privacy remains extremely important to us
Any information provided will be collected, stored and handled securely in accordance with our privacy obligations and professional confidentiality requirements.
What Do You Need To Do Right Now?
At this stage — nothing.
We simply wanted to make clients aware of these upcoming changes so there are no surprises when the legislation comes into effect.
As these obligations begin applying to services we provide, our team will communicate clearly with you and guide you through any required verification processes.
Our priority will always be making the process as straightforward and seamless as possible.
Where Can I Learn More?
We will continue sharing updates and answering common questions as the transition approaches.
You can also learn more directly through the Australian Transaction Reports and Analysis Centre (AUSTRAC).