While some reforms come into effect immediately, the designation of nine professional services, such as assisting a person to create a body corporate, legal arrangement or an express trust come into effect from 1 July 2026. If you offer one or more of the nine designated services, you will need to enrol with the regulator, AUSTRAC, as a reporting entity with enrolments opening from 31 March 2026.

The inclusion of professional services forms part of Australia’s obligations, along with New Zealand, as members of Financial Action Task Force (FATF), to tackle money laundering, terrorist and proliferation financing.

In respect of accounting services, in AUSTRAC’s Money Laundering in Australia National Risk Assessment, it was judged that: 

‘Criminal groups misuse the services provided by accountants for money laundering activities. These include mainstream bookkeeping to legitimise illicit funds and managing complex banking and corporate arrangements to conceal beneficial ownership (including schemes involving multiple facilitators and jurisdictions).’

Participating in Australia’s AML/CTF regime will not only close down avenues for criminals to exploit Australia’s financial system, it will also protect your practice from being an unwitting participant in the laundering of illicit funds.