Australia's anti-money laundering and counter-terrorism financing framework is expanding from 1 July 2026 to include a broader range of professional service providers, including accountants, lawyers and real estate professionals.
For clients, the most noticeable change is likely to be additional identification and verification requirements when certain professional services are provided.
What has changed?
From 1 July 2026, certain professional advisers will be required to undertake additional customer identification, verification and record-keeping procedures when providing particular services.
As a result, clients may notice changes to the information requested when beginning a new engagement or engaging an adviser for certain services.
Why does it matter?
These changes form part of a broader effort to combat money laundering, fraud and financial crime across a number of industries.
While the requirements will not apply to every service provided by an accountant or adviser, there will be circumstances where additional information and identity verification is required before work can commence.
For many clients, these processes will simply become a normal part of engaging professional advisers.
What clients can expect?
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Some services may take a little longer to commence while identification requirements are completed.
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Existing clients may occasionally be asked to update information when engaging us for a new service.
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Some engagements may involve additional verification steps before work can commence.
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Similar requirements are being introduced across a range of professions, including legal, property and corporate advisory services.
How Lewis Finlay can help?
We are implementing these requirements in a way that is practical and proportionate for our clients. Where additional information is required, we will explain why it is needed and work with you to make the process as straightforward as possible.
If you would like to understand how these changes may affect your particular circumstances, please contact us.