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From 1 July 2026, new AML requirements for accountants apply across Australia. Accounting practices, law firms and real estate agents are now reporting entities under the anti-money laundering and counter-terrorism financing regime. Porters CA enrolled with AUSTRAC on 11 May 2026.
These obligations apply to every accounting firm in the country. They are not triggered by suspicion and they are not a comment on any client relationship. They are a blanket legal requirement, in the same way identification checks apply at a bank. We know many of our clients well and would readily vouch for their honesty and credibility. However, the legislation requires us to complete the prescribed identification and verification process regardless of how long we have acted for a client or how well we know their affairs.

What the AML requirements mean for Porters CA clients
The obligations attach to particular services, not to everything we do. The distinction is between advising and assisting. The moment we start directly advancing a transaction, by drafting documents, registering entities or executing transfers, the requirements apply.
For Porters CA, the services covered are:
● Company and trust establishment and restructuring.
● Arranging appointments and changes of directors, trustees and appointors. We arrange these changes; our people do not take those roles themselves.
● Providing a registered office or principal place of business address.
Your routine work is unaffected. Tax returns, financial statements, BAS and IAS, bookkeeping, payroll, ASIC annual reviews and general tax planning advice do not trigger any of this.

What we will ask for
Where a covered service is involved, we need to verify identity before we can start. For individuals that means current photo identification, being a driver licence or passport, along with full legal name, date of birth and residential address. We also check whether relevant people are politically exposed persons or subject to targeted financial sanctions, and we consider the purpose of the engagement and any international elements.
For entities we need more:
● Companies: ACN, registered office and principal place of business, details for all directors, and beneficial owners holding 25% or more directly or indirectly.
● Trusts: the trust deed including every amending deed, the trustee and any corporate trustee’s directors, the appointor or guardian, and details of beneficiaries.
● Partnerships: the partnership agreement where one exists, and identification for each partner.
We need to sight originals in person, over live video, or receive a certified copy. Identification is never accepted as an email attachment.
We do not routinely ask about source of funds or source of wealth. We may need to do so where our AML/CTF risk assessment requires it, including for higher-risk, unusual, complex or international matters

What this looks like in practice
For most clients this adds ten to fifteen minutes to a meeting to provide identification after which our process takes a few days once we have everything. Missing documents are the most common cause of delay.
We are not running a bulk re-identification exercise. For existing clients, we already hold much of what is needed. We will review your file, prepare a short list of anything genuinely missing, and pick it up at your next annual review, ASIC review or in-person meeting.
Once completed, most low-risk clients should not need to repeat the full process frequently. We will review and update information when required under our AML/CTF program, including where circumstances change.

Difficult questions

Can you start work while the checks are running
No. Verification must be complete before we provide a covered service. That is the law rather than a policy choice, and we do not make exceptions, including for clients we have acted for over many years.

Could Porters CA decline to act?
In some situations, yes. If identity checks cannot be completed satisfactorily, or a risk assessment raises concerns that cannot be managed, we may need to decline the service. This is uncommon, but it is part of the obligations.

Will you tell me if a report is made about my matter?
No, and we are not permitted to. Disclosing that a suspicious matter report has been made or is required is a criminal offence, known as tipping off. We sincerely hope this is never required.

Records and privacy
Identification and due diligence records are retained with restricted access, and disclosed only where the law requires it, including to AUSTRAC. In the majority of cases we will record references rather than storing copies of identity documents in our client register. We may use third party providers for online identification and processing – in particular we are using the VerifyMe tool provided by BGL Corporate Solutions Pty Ltd who are also our provider of company secretarial management software.

Timing
Existing clients do not require review for a 3 year period, however if there is a change or new designated service provided then we become required to review your group. If your group is likely to restructure, having identification and trust deeds in order well beforehand will save time and attention when it matters.

Who to contact
Simon Terry is our AML/CTF compliance officer. If you have questions about how this affects your group, or you are unsure whether your trust deed is complete, contact our South Perth office on (08) 6436 0900.
Where to read more
● AUSTRAC, Accountants
● AUSTRAC, Professional designated services

General information only. Please contact us to discuss your own circumstances.