From 1 July 2026, Australia’s AML/CTF regime will expand, bringing more professional service providers into scope.
For clients, this means some extra steps when engaging accounting, advisory and transaction services, particularly during onboarding and the start of new work.
At HMW, we are preparing now to make the transition as smooth and consistent as possible.
Why these reforms are being introduced?
These reforms respond to the scale of money laundering risk in Australia and globally.
They are intended to strengthen oversight, reduce financial crime risk and better align Australia with international standards.
In practice, the reforms require firms to better understand who they work with and how services are used.
What is changing?
From 1 July 2026, firms like HMW will need to apply a more structured and consistent approach to client due diligence.
In practical terms, this means we will need to:
- Verify the identity of clients
- Understand the purpose of engagements and transactions
- Assess and document financial crime risk
- Maintain appropriate records and monitoring processes
- Escalate and report certain matters where required
These obligations will apply across the industry as part of a broader move towards more formal risk management.
What this means for you?
While the legislation is complex, the client experience should remain straightforward.
You can expect that, at certain points in our engagement, we may request:
- Identification documents (for individuals)
- Company, trust or SMSF documentation (where relevant)
- Information about ownership or control of entities
- Context around the purpose of a transaction or engagement
- In some cases, information regarding the source of funds
These requests will apply consistently and are a standard part of the new framework, not a sign of specific concern.
In most cases, the process should be straightforward where information is readily available.
A shift in process, not in service
These changes are operational, not strategic. They do not change the advice we provide or the outcomes we work towards.
What will change is the process that sits around that work
In particular:
- Some engagements may require additional information upfront
- Certain work may not commence until required checks are complete
- Complex structures or transactions may involve additional steps
Our aim is to embed these requirements in a way that is proportionate, efficient and minimally disruptive.
Preparing early, guiding throughout
Across the industry, firms are working through implementation, with early and clear communication proving critical.
At HMW, our focus is on:
- Designing processes that are practical and scalable
- Leveraging technology to reduce administrative burden
- Providing clear guidance at each step of the process
- Maintaining the quality and responsiveness clients expect
This is a structured change, and one we are managing proactively.
What happens next?
At this stage, there is no immediate action required based on current guidance.
Over the coming months, we will refine our approach and share any updates that affect how we work together. Where relevant, you may be asked to provide information or documentation as part of updated onboarding or engagement processes.
Our team will guide you through any requirements clearly and efficiently.
A considered transition
These reforms are a meaningful shift for professional services, but for clients the impact should be largely administrative and manageable.
Our role is to manage compliance seamlessly so you can stay focused on your business.
If you have any questions in the meantime, please reach out to your HMW contact.
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