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AML Changes Coming in July 2026: What this means for you.
We are writing to let you know about upcoming changes to Australia's Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws
that will affect accounting firms, including DFK Hirn Newey Pty Ltd, from 1 July 2026.
What is changing?
Until now, AML/CTF obligations have primarily applied to banks and financial institutions. Under reforms passed by Parliament (known as
"Tranche 2"), these obligations are being extended to accountants, lawyers and real estate professionals. This brings Australia into line
with international standards and reflects the important role professional service firms play as trusted advisers.
As a result, DFK Hirn Newey Pty Ltd, will become a reporting entity under the AML/CTF Act and will be regulated by AUSTRAC (the
Australian Transaction Reports and Analysis Centre).
What does this mean for you?
For most clients, there will be little or no change to our day-to-day work together. Your regular tax returns, BAS preparation, bookkeeping
and general advisory services are not affected.
However, for certain higher-risk services - such as assisting with property transactions, setting up or restructuring companies or trusts,
or managing client funds - we will be required to carry out additional verification and due diligence steps. If this applies to your
situation, we will walk you through the process at the time.
What are we doing to prepare?
We are well advanced in developing our AML/CTF compliance program, including staff training and updated processes, so that the transition is
as smooth as possible when the new obligations commence on 1 July 2026.
You don't need to do anything right now. If and when we need additional information from you, we will be in touch directly and explain
exactly what is required.
If you have any questions in the meantime, please don't hesitate to contact your DFK Hirn Newey adviser.
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