You may have heard that Australia’s anti-money laundering and counter-terrorism financing laws have changed. From 1 July 2026, accounting firms like ours will be formally regulated under the AML/CTF Act and supervised by AUSTRAC, in the same way banks and financial institutions have been for years. This is new territory for accounting firms, and we want to be straightforward with you about what it means for how we work together.
Who this is relevant to
Do any of the following apply to you:
- You are setting up, buying, selling, or restructuring a company, trust, or SMSF.
- Your business involves property transactions or the transfer of funds between related entities.
- You operate in a cash-intensive or internationally active industry.
- You are engaged in a complex transaction or high-value arrangement.
- You run a professional services business.
If your work with us is primarily tax compliance, bookkeeping, or straightforward advisory, the day-to-day experience of working with Optima will not change significantly. However, these obligations apply to everyone and will be administered consistently.
Why this applies to us
Accounting firms have been brought under the AML/CTF framework due to the range of services we provide. Optima Partners works with clients to establish companies and trusts, facilitate business transactions, handle client funds and structure financial arrangements. These are legitimate, everyday services, but they can also be misused to move money illegally, which is why the government has extended these laws to our profession.
What the new laws require us to do
1. Identify and Verify Our Clients
Before providing certain services, we are required to confirm the identity of the individuals and entities we work with, including those who ultimately own or control companies and trusts. This is a standard requirement that applies to every client.
2. Understand the Rationale Behind Certain Transactions
For some services, we need to understand the commercial rationale for the actions being undertaken. In practice, this means asking questions we may not have asked previously. It is not about second-guessing your decisions; it is about being able to demonstrate to regulators that the work has a clear and legitimate purpose.
3. Apply Heightened Checks Where Legally Required
Certain industries carry a greater inherent risk under the legislation. Examples include businesses that handle significant volumes of cash or deal in digital assets. In these situations, the law requires us to take additional steps before proceeding with the work.
4. Follow Up When Transactions Appear Out of the Ordinary
If something in a client’s financial activity is difficult to reconcile with what we know about their business, we are legally required to enquire about it and keep a record of the explanation. This does not happen often, but it is an obligation we take seriously.
5. Report to AUSTRAC if We Have Genuine Cause for Concern
Should we identify activity that raises a serious concern, we must lodge a Suspicious Matter Report with AUSTRAC. This is mandatory and applies regardless of the outcome.
6. Maintain Records of Our Compliance Activity
We are required to document our identity checks, assessments and related processes.
7. Maintain These Standards Across Our Whole Team
Where Optima Partners engages outsourced or offshore personnel or contractors, we remain fully responsible for ensuring the same standards are applied throughout.
How does this change what we ask of you?
In some situations, we will need to ask for information we may not have previously requested. Depending on the nature of your work with us, this could include:
- Current identification documents
- Details of directors, shareholders, trustees, or the ultimate beneficial owners of an entity
- Context regarding certain transactions or fund movements
- Supporting documentation for complex or high-value arrangements
- More detailed information regarding your business activities
Asking these questions does not reflect our view of you or your business. It is simply part of a framework that applies to everyone we work with.
If you are setting up a new entity, we will need to complete these checks before the work begins. If you are buying or selling a business, restructuring, or handling settlement funds, additional steps may be required at various points in the process.
The vast majority of what we see daily is straightforward, legitimate business activity. These checks provide us with a formal record that reflects this.
Why this matters
These reforms align Australia’s accounting profession with the standards already in place for banks and financial institutions.
What we want you to know
We know compliance obligations can feel like they get in the way. We are working to make sure they do not. Our internal processes are being updated to ensure compliance is as seamless as possible.
If you have questions about how any of this applies to your situation, please reach out to our team directly. We would rather have the conversation early than have anything hold up work we are doing together. Get in touch with our team
