Just to keep us busy, AUSTRAC, the government agency fighting financial crime, decided to make it a legal obligation for accountants who provide services around company setups and registered office services to be regulated. With financial penalties for non-compliance.
Why now? Australia is catching up to the global standards, and these laws align us with other developed countries.
What does this mean for you? For certain work (structuring, registered offices, transactions), we must verify who you are, understand the engagement’s purpose, and assess risk before we can start.
A blanket rule, not a suspicion. These are standard checks applied to every client across Australia. It is not triggered by suspicion or because something is wrong. It is a blanket legal requirement for everyone, ensuring the system’s integrity.
Your information is secure. We are required to keep records of identity checks and engagement details for at least seven years. Your information will only be used for compliance with these obligations. It will not be used for marketing, shared with business partners, or sold to third parties. It will be handled in accordance with Australian Privacy Principles.
We’ll be in touch. We’ll reach out to complete the required AML checks, most likely as part of your annual engagement. We may already have some documents on file, so the process should be quick. All we ask is that you have a current photo ID ready for each director and beneficial owner, and respond promptly when we get in touch.
