From 1 July 2026, new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws will come into effect, bringing accounting professionals within the scope of regulations that already apply to banks, mortgage brokers and financial planners.
As a trusted accountant Geelong businesses and individuals rely on, The Hrkac Group is committed to making these changes as simple and straightforward as possible for our clients.
While the new requirements may mean we ask for additional information from time to time, these changes are designed to help protect Australians and strengthen the integrity of our financial system.
Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws are designed to prevent criminal organisations from disguising illegally obtained funds and to help stop the financing of terrorism.
The reforms, introduced by the Australian Government and overseen by AUSTRAC, expand existing legislation to include additional professional services, including accounting and SMSF services.
These changes bring Australia into closer alignment with international standards and help protect businesses and consumers from financial crime.
From 1 July 2026, certain accounting and SMSF services provided by The Hrkac Group may fall under the new AML/CTF requirements.
Our mortgage broking and financial planning teams already operate under similar obligations, and from July 2026 these requirements will extend to parts of our accounting and self-managed superannuation services.
Not every service will require the same level of verification. The checks required will depend on the nature of the engagement and whether it falls within the scope of a designated service under the legislation.
As a leading provider of accounting services Geelong businesses trust, we will assess each engagement individually and guide clients through any requirements that may apply.
Under the new laws, we may be required to collect and verify information about our clients before providing certain services.
Depending on the circumstances, we may request:
These requests are a legal requirement and are not a reflection on you or your transaction.
For clients seeking support from a business accountant Geelong companies have trusted for more than 30 years, our aim is to make the process as efficient and convenient as possible.
Yes.
Even long-standing clients may be required to complete identity verification if they engage The Hrkac Group for a designated service after 1 July 2026.
This is because the legislation applies to the services being provided, rather than how long someone has been a client.
While some clients may have already completed similar processes through our financial planning or mortgage broking divisions, others may be asked to provide information for the first time.
Protecting client information is extremely important to us.
The information collected will only be used to satisfy our legal obligations under the AML/CTF legislation. This may include:
Your information will not be used for marketing purposes, sold, or shared beyond what is required under Australian law.
Under AML/CTF legislation, certain identification and verification records must be retained for seven years.
The Hrkac Group will utilise secure technology provided by BGL to assist with identity verification and compliance requirements. Our privacy policies will continue to evolve alongside these legislative changes to ensure your information remains protected.
Although these requirements are new for accounting services, similar identity checks have existed for many years within the banking, mortgage broking and financial planning industries.
For most clients, the process will be straightforward and involve only a small amount of additional documentation.
If you currently work with an SMSF accountant Geelong clients rely on, or engage our accounting team for business or taxation advice, you can expect the same professional service and support you have always received.
While the new requirements may mean a few additional questions and documents, they are designed to help safeguard Australia’s financial system and protect businesses and individuals from financial crime.
At The Hrkac Group, our focus remains unchanged, providing professional accounting and SMSF advice while making the process as simple, secure and efficient as possible.
Whether you’re looking for a tax accountant Geelong families and businesses can depend on, or require specialist advice for your business or self-managed super fund, our team is here to help.
If you have any questions about the upcoming AML/CTF changes, or would like to discuss your accounting or SMSF requirements, please get in touch with The Hrkac Group.
Our experienced team is here to help you understand what these changes mean and ensure the process is as smooth and hassle-free as possible.
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