Client explanation sheet
What is the AML/CTF Act and why does it matter? Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act is designed to stop illegal funds from entering the financial system. AUSTRAC estimates more than $68 billion worth of crime-related money is laundered through Australia every year. This legislation aims to stop the flow of crime money and bring us in line with the rest of the world. That’s why from 1 July 2026, professional services firms, including law, accounting and real estate, will be required to: ●
Verify client identity
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Assess the risk of money laundering or terrorism financing
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Monitor client activity and
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Report suspicious behaviour
It’s not about ticking boxes. It’s about keeping crime out of our communities, professions and country.
Why are you being asked for documents? We may need to collect ID documents, company records, trust deeds, or information on the source of funds. If you’re representing a company, trust or other structure, we’re also required to identify and verify the individuals who ultimately own or control it. This isn’t because we think anything’s wrong it’s because we’re required by law to apply consistent checks to everyone. Each check is a small act of protection, helping stop criminal activities and keeping dirty money out of Australia.
What you can expect from us ●
A clear explanation of what’s required
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Secure handling of your information
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A streamlined experience supported by technology
We use a technology platform called First AML, an automated verification and workflow management tool, to comply with the AML laws with the goal of making the process as quick and easy as possible.