The Australian Government is introducing significant reforms to its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework. From 1 July 2026, accountants providing designated services will be required to enrol with AUSTRAC, the national financial intelligence agency. This article outlines the rationale behind the legislation, the obligations for accountants, and the steps required to ensure compliance.

The Australian Government is introducing significant reforms to its Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) framework. From 1 July 2026, lawyers providing designated services will be required to enrol with AUSTRAC, the national financial intelligence agency. This article outlines the rationale behind the legislation, the obligations for lawyers, and the steps required to ensure compliance.