New AML/CTF Rules: We May Ask You for ID

Under Australia’s expanded AML/CTF (Anti-Money Laundering and Counter-Terrorism Financing) reforms, professional accountants, tax agents, and bookkeepers who provide “designated services” became fully subject to mandatory compliance rules starting July 1, 2026.

These rules will also apply to a range of professional service providers such as Solicitors, Real estate agents, Conveyancers and and in the banking sector.

Under the rules, Plus 1 is required to undertake Customer Due Diligence.

This involves strict identity verification of clients and the beneficial owners of client entities during onboarding and for a range of ongoing services.

We wanted to make our clients aware that you may be asked to provide additional information or to undertake an identity check. Your accountant will let you know if & when this might be required.

General tasks such as preparing your Tax, Bas or general business advice are primarily not impacted by this change.

See more information here:

https://www.austrac.gov.au/general-public/why-you-might-be-asked-id?gad_source=1&gad_campaignid=23917214073&gbraid=0AAAABD5GPu5WdnrESzEMwnivUVGpjsDCo&gclid=CjwKCAjwvsvTBhBaEiwAmf-3nqbuH_M6k3oDd3KPJV5Kxgwqjl2YPHNLsjbmoAS_PKqfRWpVYT1IIhoCBrgQAvD_BwE