We are writing to make you aware of an important legislative change that takes effect on 1 July 2026 and will affect how we work with our clients.
From that date, accounting firms like WMS will be brought into Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regime. These requirements have applied to banks, financial institutions and casinos for many years and are now being extended to professional service providers, including accountants, lawyers, real estate agents and conveyancers.
The purpose of this legislation is to deter, detect and disrupt financial crime, including money laundering and terrorism financing. These are serious obligations, and we take our role in upholding them seriously. Complying with them is also how we protect you, our clients, and the integrity of the work we do together.
What this means for you
As part of our obligations, we will need to verify the identity of our clients before providing certain services. This is similar to the identity checks your bank conducts when you open an account or carry out a significant transaction. Depending on the services we provide for you, we may need to collect and verify the following:
Your identity: We will ask for photo identification, such as a passport or driver’s licence.
Entity and beneficial ownership details: If a company, trust or other structure is involved, we will need to identify the individuals who ultimately own or control it. This includes any person who holds 25% or more ownership or who exercises effective control.
Additional information: For certain engagements, we may be required to ask you for additional information including to confirm where funds or wealth originated from.
We are writing to all of our clients so that you are aware of these changes. Not every client or every service will require these checks right away, but we want to ensure you are informed and not surprised when we do reach out.
How the process works
When verification is required, a member of our team will contact you to explain exactly what is needed. We will send you a secure link to an online portal where you can follow a guided process to upload the required documents easily from your phone or computer. The process is straightforward and typically takes only a few minutes.
You may also receive similar requests from other professional advisers or institutions you work with, such as your solicitor or bank. This is normal and reflects the fact that the same legislation applies across professional services.
Your privacy
Protecting your privacy is important to us. All information collected for AML/CTF purposes will be managed strictly in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. The information will only be used to meet our legal obligations, will be stored securely, and will not be shared except where required or permitted by law.
What happens next
You do not need to take any action right now. We will be in contact with you when we need to collect your information. In the meantime, if you have any questions about these changes or how they might apply to your situation, please do not hesitate to contact your WMS adviser.
Further information about the AML/CTF reforms is available on the AUSTRAC website at www.austrac.gov.au
