What are the Anti Money Laundering laws and why should I care (if I’m not a mobster)?

If your accountant, bookkeeper or financial adviser suddenly asks for photo ID, has questions about your business structure or where funds have come from, your first reaction might be: “Hang on… do they think I’m doing something dodgy? I’m not a mobster?”

Take a breath. They don’t suddenly think you’re Tony Soprano hiding cash in the back of a pizza shop. New anti money laundering laws are rolling out across Australia — and from 1 July 2026, they’ll change how you engage with your accountant, lender bookkeeper and adviser.

Here’s a look at what’s actually changing — and what it means for you.

Anti Money Laundering and Counter-Terrorism Financing. 

From 1 July 2026, Australia’s anti money laundering laws are expanding to include many professional services, including parts of the accounting and financial advice profession. 

This means you’ll see more identity checks and be asked to go through additional verification and documentation processes when working with professional advisers. These may feel unfamiliar at first. But these changes are the new standard across professional services in Australia.

Here’s what’s involved.

In the simplest terms, the anti money laundering laws are designed to stop criminals from disguising illegally obtained money as legitimate income, moving money through complex structures or financing terrorism-related activities.

These laws are overseen by AUSTRAC, Australia’s financial intelligence agency and regulator. And while the language can sound a little ominous the first time you hear it, these laws aren’t totally new. 

If you’ve opened a bank account recently, chances are you’ve already completed ID checks and verification processes linked to anti money laundering laws and compliance. Banks and financial institutions have operated under these obligations for years.

From 1 July 2026, these obligations are now being extended into a wider range of professional services, including accountants, bookkeepers, and legal professionals.

Keeping it simple.

This means that your accountant and adviser may now have legal obligations to better understand:

• Who you are
• What your business activities involve
• Where funds come from
• Whether certain requests or transactions appear unusual or inconsistent

In practice, that means more identification checks, more verification and more ongoing monitoring.

Hold up. I’m not a mobster, why should I care? 

Because anti money laundering laws are going to affect how you engage with your advisers.

For some clients, this will mean providing additional identification and likely a few more questions during onboarding. For others, like businesses with complex structures or international dealings, the process could be more detailed. 

But anti money laundering laws isn’t about assuming you’re doing the wrong thing. The reality is much less dramatic. These reforms are about risk, transparency and accountability.

Professional services can, knowingly or unknowingly, play a role in facilitating financial crime if appropriate checks and processes aren’t in place. Anti money laundering laws are designed to reduce that risk.

But I’ve worked with you for years? 

That’s one of the more challenging parts of these reforms.

If you’ve worked with the same adviser for years, it may feel strange suddenly being asked for ID, ownership structures, source-of-funds information or explanations relating to transactions.

It can feel unnecessary when trust and shared knowledge already exists. But these obligations aren’t about questioning trust. They’re about formalising the processes around it and making the financial services sector safer for everyone. 

What should I do now? 

There is no need to panic but there is value in being prepared. Depending on the services you’re receiving, you may notice:

• A request for identification and verification documents 
• Questions about your ownership structures and other entities
• Requests for documentation relating to the source of funds 
• A more formal record-keeping process 
• Delays where additional verification is required before services can commence

If you’re planning to work with an accountant, financial adviser or bookkeeper after 1 July 2026, expect a more formal onboarding process that includes identity checks and verification. If you’re a business affected by the new AML/CTF regulations (like a lawyer or real estate agent), we’d suggest starting here. 

The bottom line.

The expansion of Australia’s anti money laundering and counter terrorism financing framework marks one of the most significant compliance changes to hit professional services in years. 

For you, it will likely mean more questions, more verification and more process. Think of it less like being interrogated by a crime syndicate taskforce and more like airport security. Slightly inconvenient but increasingly standard and ultimately designed to protect everyone involved.

We believe that people value transparency, accountability and confidence in the systems surrounding their financial affairs. Ultimately, that’s what these anti money laundering reforms are designed to strengthen.