Australia – Anti-money laundering and counter terrorism financing (AML/CTF) regime

31 March: Enrolments open, make a note in your diary

1 July: Your AML/CTF program is in effect.

If you offer any of the new designated services, check if you will be regulated, you need to build an AML/CTF program. This program identifies the money laundering and terrorism financing risks to your practice and puts in place controls, policies and procedures to mitigate those specific risks.

First, undertake a risk assessment of your practice and assign key compliance roles to individuals in your team. This will gather the data needed to enrol, as soon as possible, after 31 March 2026.

Next, update existing policies, such as onboarding new clients, to reflect your risk assessment. Develop new policies, such as reporting suspicious matters to AUSTRAC (the regulator), as required to comply with the AML/CTF regime. Review and update your procedures to capture your policies and train everyone on how to identify red flags that indicate possible money laundering and terrorism financing.

You can find suggested diary dates in our Project Plan for professional accountants.

For smaller practices, a how-to guide and templates can be found in AUSTRAC’s Accounting program starter kit. These can also be used as a framework for larger practices to build their AML/CTF program.

Coming soon in 2026

16 April: look out for the knowledge session that will work through the Starter Kit and how it can align with your system of quality management.

22 May: find the AML/CTF session in our Audit and Accounting conference to hear direct from AUSTRAC on what they expect from new reporting entities and how they intend to support you to be compliant.

AML/CFT Levy proposal (New Zealand)

April 8: We need your feedback

After consultations during 2025, the New Zealand government has released a consultation paper on AML/CFT levy Proposals to implement a cost recovery model for the operation and regulation of New Zealand’s Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) system. 

The intent is to have the levies in effect from July 2026 with the first collection of levies in July 2027. The consultation document sets out levy proposals and seeks your feedback on which option best meets the principles of transparency, justifiability, efficiency and equity.

The consultation paper reiterates that any levy must connect to the New AML/CFT National Strategy released in February 2026.

Key elements of the proposals seek for the levies:

• to meet the costs of the Ministry, the AML/CFT supervisor, the Commissioner of the New Zealand Police and any costs associated with giving effect to the National Strategy
• to recover all or a portion of these costs, the Minister responsible for the Act to determine year-on-year, and
• be paid by reporting entities in sectors assessed as high-risk or medium-high risk, accountants are assessed as medium-high risk.

In our submission to the Economic Development, Science and Innovation Committee on the AML/CFT Supervisor, Levy and Other Matters Amendment Bill,  we supported the intent to exempt small businesses from a levy though noted that ‘small’ had not be defined. We sought for such a levy to strike the appropriate balance between Crown funding, drawn from all New Zealanders who benefit from the AML/CFT system, and industry funding, drawn from larger reporting entities that already absorb many of the costs of compliance with the AML/CFT system. 

The Ministry of Justice is hosting several information sessions during March:

• DNFPBs and Financial Institutions -  25 March 14:00 – 16:00. Register here
• DNFPBs and Financial Institutions  - 1 April 13:00 – 15:00. Register here
• Final Q & A session - 8 April.  Register here

Employment Leave Bill (New Zealand) 

The Employment Leave Bill has been introduced to Parliament and referred to the Education and Workforce Select Committee. It proposes significant changes to how leave is earned, taken and paid (including moving to hours-based accrual). We’re keen to hear your views. Please contact [email protected].