From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Tranche 2 reforms apply to certain designated professional services.
These reforms expand the AML/CTF framework to include a wider range of professional service providers, including accountants, lawyers, conveyancers, trust and company service providers, real estate professionals, and dealers in precious metals and stones.
For business owners, this means some accounting and advisory services will now involve additional client identification, verification and record-keeping steps. These changes are designed to strengthen protection against financial crime, identity misuse, money laundering, terrorism financing and other misuse of business structures.
At R G Partners, we have updated our internal processes to support these new requirements while continuing to provide practical, efficient and trusted accounting and tax advice.
What is AML/CTF Tranche 2?
The AML/CTF regime is designed to reduce the risk that legitimate businesses and professional services are used to launder money, finance terrorism or conceal illegal activity.
The Tranche 2 reforms bring certain professional services into the AML/CTF framework. For accounting firms, this does not mean every accounting or tax service is automatically treated the same way. The rules are focused on specific designated services, including certain services involving companies, trusts, legal arrangements, business structures and ownership changes.
Where R G Partners provides a designated service, additional compliance steps may be required before or during the engagement.
These steps may include:
- verifying client identity;
- identifying beneficial owners and controlling individuals;
- understanding the nature and purpose of the engagement;
- assessing money laundering, terrorism financing and related risks;
- keeping appropriate records;
- monitoring client relationships where required; and
- reporting suspicious matters to AUSTRAC where legally required.
For most genuine businesses, these changes will become part of the standard onboarding and compliance process.
What does this mean for R G Partners clients?
If you are an existing or new client of R G Partners, you may notice some additional steps when engaging us for certain services.
Depending on the work involved, we may request:
- current identification documents;
- details of your business structure;
- information about directors, shareholders, trustees, appointors, beneficiaries or other controlling individuals;
- details of beneficial owners;
- information about the purpose of a transaction or structure; and
- updates to existing client records where information has changed.
These requests are not intended to create unnecessary paperwork. They form part of our legal obligations and help protect both our clients and the integrity of Australia’s financial system.
In most cases, the process should be straightforward. Providing requested information promptly will help us reduce avoidable delays.
Why are these changes important?
Financial crime continues to evolve. Criminals may attempt to misuse legitimate companies, trusts, professional advisers and business transactions to conceal the source or ownership of funds.
The expanded AML/CTF framework helps:
- improve transparency in business ownership and control;
- reduce the risk of professional services being misused;
- protect businesses from fraud and identity misuse;
- strengthen trust in Australia’s financial system; and
- align Australia more closely with international AML/CTF standards.
For business owners, the reforms also mean that professional advisers will increasingly follow consistent identification, verification and risk assessment procedures.
How R G Partners has prepared
At R G Partners, we have taken practical steps to prepare for the new AML/CTF obligations.
Our preparation includes:
- updating client onboarding procedures;
- implementing identity verification and beneficial ownership checks;
- developing AML/CTF policies and procedures;
- introducing risk assessment processes for designated services;
- strengthening record-keeping practices;
- reviewing information security processes; and
- training staff on the new requirements.
These changes allow us to continue delivering efficient accounting, tax and advisory services while meeting our regulatory obligations.
How we will support our clients
Our focus is to make the process clear and practical.
Where additional information is required, we will explain what is needed and why. We will also aim to make the process proportionate to the nature of the service and the risk involved.
We will:
- explain any additional information required from you;
- guide you through the onboarding process;
- keep your information secure and confidential;
- update client records where required;
- continue providing practical accounting and tax advice; and
- help you understand how these changes affect your engagement with our firm.
Every business is different. Our approach is designed to be practical, efficient and appropriate to your circumstances.
What should clients do now?
There is no need to panic or make major changes immediately.
If R G Partners requires additional documentation, our team will contact you and explain what is required.
You can help make the process smoother by:
- keeping your identification documents up to date;
- telling us about changes to directors, shareholders, trustees or beneficial owners;
- advising us of significant changes to your business structure or activities;
- providing requested information promptly; and
- letting us know if your ownership or control structure has changed.
These simple steps will help us continue providing services without unnecessary delay.
Looking ahead
The introduction of AML/CTF Tranche 2 is one of the most significant regulatory changes affecting Australia’s accounting profession in recent years.
While the reforms introduce additional compliance responsibilities, they also strengthen the integrity of Australia’s financial system and provide greater protection for businesses.
At R G Partners, we view compliance as part of building trust, protecting clients and supporting sustainable business growth.
Need guidance?
If you have questions about how the new AML/CTF requirements may affect your engagement with R G Partners, please contact our team.
We can explain what information may be required, guide you through our updated onboarding process, and ensure your accounting and tax compliance work remains on track.
Disclaimer: This article is general information only and does not constitute legal advice. AML/CTF obligations depend on the specific services provided and the facts of each matter.
