Why your accountant, broker, adviser and bank are suddenly asking for more information
Have you noticed your accountant, broker, adviser or bank asking more questions than ever before?
Questions about where your money came from. Why you’re setting up a company or trust. Who controls a business. What you plan to invest in.
You’re not imagining it.
Australia is rolling out new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements that will require businesses like ours to collect, verify and maintain significantly more information about their clients.
The aim is to make it harder for criminals to hide illegal funds within legitimate businesses and financial systems.
Whether these changes achieve that goal is open to debate. What isn’t up for debate is that from 1 July 2026 businesses across Australia — including us — must now comply.
For clients, that means more questions, more paperwork and more documentation.
The Short Version
If you’re:
- Setting up a company
- Establishing a trust
- Creating an SMSF
- Applying for finance
- Engaging professional advisers
…expect to provide more information than you may have in the past.
This is becoming the new normal across accounting, financial services, lending and legal industries.
Why Is This Happening?
The new laws require businesses to better understand:
- Who their clients are
- Who ultimately owns or controls an entity
- Where money has come from
- Why a structure or transaction is being established
- Whether there are any higher-risk circumstances involved
While the objective is to combat money laundering and financial crime, the practical reality is that businesses must now implement extensive compliance programs, including:
- Client verification procedures
- Risk assessment frameworks
- Staff training programs
- Ongoing monitoring processes
- Record keeping systems
- Annual reporting to AUSTRAC
All of this takes time, people and resources.
Many businesses will need to invest in additional staff, software, training and compliance support to meet their obligations. Like most regulatory changes, these costs don’t simply disappear and will inevitably increase the cost of providing services across accounting, financial services, lending, legal and business advisory industries.
In short, activities that were once relatively straightforward—such as establishing a company, setting up a trust, creating an SMSF or onboarding a new client—will now involve more paperwork, more verification and more administration than ever before.
What Additional Information May Be Required?
Most clients are already used to providing basic information such as identification, addresses and contact details.
The new requirements focus on collecting additional information that wasn’t always required in the past.
Source of Wealth and Funds
You may be asked:
- How your wealth was accumulated
- Where funds are coming from
- Whether funds originated from employment, business activities, investments, inheritance, property sales or other sources
Purpose of the Structure
For companies, trusts and SMSFs, we may ask:
- Why the structure is being established
- What it will be used for
- Who will control it
- How it will be funded
Ownership and Control
Additional information may be required about:
- Directors
- Shareholders
- Trustees
- Beneficiaries
- Ultimate beneficial owners
- Related entities
SMSFs and Investment Structures
You may be asked about:
- Intended investments
- Cryptocurrency exposure
- Overseas investments
- Future funding arrangements
Registered Office Services
Where our address is used as a registered office, we may require information about:
- Business activities
- Operating locations
- The purpose of using our address
Ongoing Verification
You may also be asked to:
- Consent to electronic identity verification
- Update information when circumstances change
- Provide additional documentation from time to time
What Existing Clients Should Expect
There is no need to take any immediate action.
Over the coming months, we will progressively review existing client records and request any information required to meet the new standards.
This may include:
- Updated identification documents
- Confirmation of ownership structures
- Missing trust or company records
- Additional verification information
If additional information is required, we’ll contact you as part of our ongoing client review process and help make the process as straightforward as possible.
Our Commitment
We understand that nobody enjoys additional paperwork.
Our goal is to make the process as simple and efficient as possible while meeting our legal obligations and protecting both our clients and our business from financial crime risks.
If we ask for additional information, we’re not singling you out—these requirements are being introduced across Australia and are becoming standard practice across accounting, financial services, lending, legal and business advisory industries.
We appreciate that these changes may feel inconvenient at times, but they are now part of the regulatory environment in which all professional service providers operate.
Thank you for your understanding, cooperation and patience as these new requirements are introduced. By helping us meet these obligations, you’re helping us continue to provide high-quality advice and services while maintaining the integrity of Australia’s financial system.