Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime, regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC), will expand from 1 July 2026 to include higher-risk services provided by several industries, including the accounting sector. The changes aim to strengthen Australia’s ability to detect, deter and disrupt money laundering, the financing of terrorism, and other serious financial crimes. 

Tax practitioners who provide ‘designated services’ will fall within the expanded regime and will be required to comply with AML/CTF obligations in addition to their existing responsibilities under the Tax Agent Services Act 2009 (TASA).

To support tax practitioners who are impacted by the reforms, the Tax Practitioners Board (TPB) has released a new factsheet that outlines the changes, including how the AML/CTF framework interacts with the TASA. The factsheet highlights where obligations overlap and provides practical guidance on steps tax practitioners can take to assess and manage risk. 

TPB Chair Peter de Cure AM said the profession is well placed to respond to the reforms, having navigated a number of changes in recent years, whilst continuing to service clients with integrity and professionalism. ‘I am confident the profession will approach the AML/CTF reforms in the same way, by understanding the requirements and implementing them appropriately.’ Mr de Cure also said ‘many tax practitioners may already have processes and obligations in place under the TASA framework that align with many aspects of the AML/CTF regime and I encourage tax practitioners to make full use of the TPB’s new factsheet to better understand how the AML/CTF requirements interact with their existing obligations, and to take steps now to assess and manage their risks ahead of the changes.’

While the TPB does not regulate or administer the AML/CTF regime, it remains committed to supporting tax practitioners by providing clear and timely information on the upcoming changes. The TPB recently partnered with AUSTRAC to deliver a joint webinar on the AML/CTF regime, covering AUSTRAC’s role, an overview of the reforms, key obligations for regulated entities and program starter kits. The webinar recording is available here.