Anti Money Laundering/Counter Terrorist Financing (AML/CTF) Rules to affect certain businesses from 1 July 2026
From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will expand beyond banks and traditional financial institutions to include sectors such as real estate services, legal practices, accounting and other professional or advisory businesses. These reforms aim to reduce the risk of financial crime and align Australia with international standards.
Businesses that provide “designated services” under the AML/CTF Act will be required to comply with a range of obligations. This includes registering with AUSTRAC as a reporting entity, carrying out customer identification and verification checks, developing and maintaining a documented AML/CTF program, training staff, keeping appropriate records, and reporting suspicious matters and certain transactions to AUSTRAC.
The requirements will apply to activities such as acting in property sales or purchases, managing real property, handling client funds, providing legal or financial transaction-related services, and other higher-risk advisory roles.
Further information and guidance on these obligations is available from AUSTRAC at www.austrac.gov.au.
If you would like assistance in assessing whether your business is subject to these obligations or understanding the registration process, please let us know