Please be informed about upcoming changes to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) laws that will affect how we work with you.
From 1 July, accounting firms like ours will be formally captured under the AML/CTF regime overseen by AUSTRAC. This means we are required to apply additional checks and maintain more detailed records when providing certain services.
What this means for you in practice
You may notice some changes in how we interact with you, including:
- Identity verification: We may ask you to provide identification documents (e.g. driver’s licence or passport) or confirm existing details.
- Business and ownership information: For companies, trusts, and other entities, we may need to verify information about directors, trustees, and beneficial owners.
- Purpose of services: We may ask questions about the nature of your activities or transactions to better understand your circumstances.
- Ongoing updates: From time to time, we may need to refresh your information to ensure our records remain up to date.
In many cases, we will already hold some of this information. However, the new rules require us to ensure it is complete, current, and verified to a higher standard. As a result, we may be required to carry out additional verifications, which may result in additional fees.
Questions
We understand these changes may raise questions. Please feel free to contact your 4Front Advisor if you would like to discuss how this applies to you.
If you’d like to know more, Click here to visit Department of Home Affairs website.
Let’s build a future you can look forward to. Call us at (07) 3875 9888 or email your enquiries to [email protected]