AML/CTF changes: your questions answered

Anti-Money Laundering/Counter-Terrorism Financing Act changes: your questions answered

What’s changing?

From 1 July 2026, accounting firms are covered by Australia’s AML/CTF laws (the Anti-Money Laundering and Counter-Terrorism Financing Act 2006).

Why?

To help prevent money laundering, terrorism financing and other serious financial crime, and to support a safe and secure financial system.

What will Boyce ask me for?

Depending on the service, we may ask you to verify your identity, confirm who owns or controls a business or entity, explain how a service will be used, and keep your details up to date.

I’ve been a client for years — why now?

The law is new for our profession. These checks apply broadly to new and existing clients; it isn’t personal.

What if I act for a company or trust?

We may need to identify the individuals who ultimately own or control it (typically 25%+ ownership or senior executives).

What happens if I don’t provide the information?

As AUSTRAC notes, if the required information can’t be provided, we may not be able to provide some services.

Is my information safe?

Yes. We only collect what’s legally necessary and protect it in line with our privacy obligations.

Where can I learn more?

Visit the AUSTRAC public page: austrac.gov.au/general-public/why-you-might-be-asked-id.