AUSTRAC reforms for accountants: what firms need to prepare before 1 July 2026

Australia's AML/CTF regime is changing, and for some accounting firms the clock is already ticking. The first thing to understand is this: this is not a blanket rule for every accounting activity.

The reforms apply to certain designated services commonly provided by accountants. It is very likely that an accountant in public practice will be conducting activities that require registration. Registration with AUSTRAC is required by 29 July 2026. That means the real question for many firms is not 'Do we need to buy software?' It is 'Which of our services are actually captured, and what level of process do we need?'

"Many firms do not need expensive third-party software to respond to AUSTRAC. What they do need are sensible client identification, monitoring and documentation processes." Peter Vickers

Where firms should start

For many practices, the smartest response is to begin with a service review. Map what the firm actually does. Identify which activities may fall within a designated service category. Then review how client identity is currently verified, how matters are escalated, and whether files show enough evidence of what was checked and why.

This cuts through a lot of noise in the market. Firms do not need to overreact, but they should not ignore the issue either. Practical compliance generally comes down to governance, staff training, client due diligence, ongoing monitoring and proper record keeping.

What firms should be preparing before 1 July 2026

• Review service lines to identify any designated services

• Document a workable AML/CTF process for the firm

• Assign responsibility for compliance oversight

• Make sure staff understand identification and escalation requirements

• Improve record keeping so the firm can show what checks were completed

This is also an area where accountants need to be careful about reputational and professional risk. Once the reforms commence, firms that are clearly ignoring their obligations are more likely to create unnecessary exposure for themselves.

The firms that respond well will not necessarily be the ones that spend the most. They will be the ones that document, train, verify and apply judgement consistently. That is a better story for clients, and a safer position for the practice.