Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws are being expanded, with new requirements applying to accounting and business advisory firms from 1 July 2026.
While these changes are primarily aimed at strengthening Australia’s financial system and aligning with international standards, they will also introduce some additional obligations for professional advisers and their clients.
What’s changing?
The updated rules will require us to undertake more robust client identification and verification procedures in certain circumstances.
In practical terms, this may mean requesting additional information when commencing new engagements, confirming ownership structures, or periodically reviewing client information to ensure it remains accurate and up to date.
These requirements apply across the profession and are not unique to Lark Business Advisory.
What does this mean for you?
For most clients, very little will change in day-to-day interactions with our team.
However, from time to time we may need to request additional documentation, verify information we already hold, or allow slightly longer onboarding timeframes for certain services. These requests are part of our regulatory obligations and help ensure we continue to meet the required compliance standards.
How are we managing the changes?
At Lark, our focus is on meeting these new requirements in a practical and proportionate way while keeping any additional administration to a minimum. Where information is required, we’ll explain why we’re asking for it and guide you through the process as smoothly as possible. We’ll contact you directly if and when any action is required on your part.
While the new AML/CTF rules introduce additional compliance requirements, they shouldn’t have a significant impact on most clients.
As always, we’re here to help. If you have any questions about these changes or how they may apply to your circumstances, please don’t hesitate to contact our team.
Kind regards,
Eric Cirulis
Director/CEO