Accountants are squarely in scope for Australia's AML/CTF Tranche 2 reforms. From 1 July 2026, an accounting practice that provides one or more designated services — such as managing client money or helping clients buy and sell businesses, companies or real estate — becomes a reporting entity with obligations to AUSTRAC.
Not every accounting service is captured. Routine tax return preparation or general advisory work, on its own, is generally not a designated service. The distinction turns on exactly what you do for clients, which is why a quick self-assessment is the fastest way to know where you stand.
Designated services for accountants
If you provide any of these, you're likely a reporting entity:
- 1Managing client money, accounts, securities or other assets
- 2Assisting clients to plan or execute the buying or selling of real estate
- 3Assisting to plan or execute the transfer of money or other assets
- 4Creating, restructuring or operating a company or trust for a client
- 5Acting as (or arranging) a nominee director, shareholder or trustee
What you'll need to do
- 1Enrol with AUSTRAC (enrolment opened 31 March 2026)
- 2Appoint an AML/CTF Compliance Officer
- 3Complete a money-laundering / terrorism-financing risk assessment
- 4Develop and maintain an AML/CTF program
- 5Carry out customer due diligence (KYC) and verify beneficial owners
- 6Monitor transactions and report suspicious matters, large cash transactions and international transfers
- 7Keep records for seven years and train your staff
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Check your exact obligations
Answer 3 quick questions for a personalised result and downloadable checklist.
Start the assessment →