If your accountant, lawyer or real estate agent has started asking for ID and details of who owns your company, it’s not curiosity. Since 1 July 2026, Australia’s anti-money laundering laws have covered these professions, and they must ask.
The regulator, AUSTRAC, says the change lifts the number of businesses it oversees from about 19,000 to close to 100,000. Newly covered businesses had until 29 July to enrol, and from 30 September AUSTRAC began issuing infringement notices of $21,840 for companies and $4,368 for individuals.
The checks apply to particular jobs, such as buying or selling property, a business or a trust, raising finance, or setting up and restructuring a company or trust. Routine tax returns and BAS aren’t on the list.
Before starting, the firm must confirm who you are, who acts for you, who ultimately owns or controls any company or trust, and what the work is for. In higher-risk cases it also asks where the money came from. If it can’t establish these things, it must not start the work.
Smaller practices are feeling the load. The COSBOA chair called it “absolutely an administrative burden for a small firm”, and clients may see onboarding forms, ID apps and sometimes a compliance fee.
What it means for your money
Engage advisers early before a big transaction, keep your passport or licence handy, know your company and trust structure, and gather paperwork such as sale contracts and loan approvals. Answering fully the first time avoids delays and possibly extra fees.
Source: SmartCompany