Build your financial security with OBT Financial Group – Lockyer Valley Business of the Year recipients and specialist financial advisers to individuals, business owners and farming families on accounting, tax, business advice and wealth planning for over 40 years.Important update from Brett Garmeister, Director, OBT Accounting & Tax
We want to let you know about some changes to Australia’s Anti-Money Laundering and Counter-Terrorism Financing laws.
From 1 July 2026, the AML/CTF regime will expand to cover certain services provided by accountants, lawyers, real estate professionals and other advisers. These rules are administered by AUSTRAC and are designed to help protect businesses and the wider community from financial crime.
What is changing?
For most clients, the main change is that we may need to collect and verify additional information before we can assist with certain types of work.
This does not mean every service we provide will be affected. However, where the work falls within the new rules, we will need to complete identity checks before commencing or continuing with that specific service.
Services that may require verification
Examples of services that may require these checks include:
- helping establish or restructure a company, trust or other entity
- assisting with the buying, selling or transfer of a business or business assets
- assisting with certain financing arrangements
- receiving, holding or managing money or assets as part of a transaction
- acting in certain roles for a company or trust
- providing a registered office or business address for an entity
Where we are acting for a company, trust or other entity, we may also need to confirm details about that entity and identify the individuals who ultimately own or control it.
What you may receive from us
If these requirements apply to work we are doing for you, we will let you know what information is needed and guide you through the process.
We have engaged Agentic AML to assist us with the collection and verification process. This means you may receive an email, link or request from Agentic AML in connection with these checks.
In most cases, the process will involve completing a secure online form and providing identification information.
If you receive a request and are unsure whether it is genuine, please contact our office directly as per the details on our website before providing any information.
Your privacy
We take the protection of your information seriously. Any information collected will be handled securely and in accordance with our confidentiality, privacy and professional obligations.
We are here to help
We understand that additional checks can feel like extra administration, but we will do our best to make the process as simple and efficient as possible.
If you have any questions about these changes or how they may apply to you, please feel free to get in touch with OBT on 07 5462 2277.
