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Frequently asked questions

AML/CTF obligations vary by profession. Choose your role below.

Understanding your obligations under the AML/CTF Act (as amended 2024) — accounting practices.

Important notice

This guide is for general information only and does not constitute legal advice. Information is current as at April 2026. Accounting practices should verify obligations against AUSTRAC's published guidance and seek independent legal advice for complex circumstances.

This guide has been prepared by AML SoftServe for general informational purposes only. It does not constitute legal, financial or compliance advice. It is intended to assist accounting practices in understanding their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (as amended) and should be read alongside AUSTRAC's published guidance and the AML/CTF Rules 2025.

The information is current as at April 2026. Practices should verify key obligations against AUSTRAC's published guidance and any subsequent legislative amendments before relying on this document. Practices with complex circumstances should seek independent legal or compliance advice.

Frequently asked questions

What are the key compliance dates for accounting practices?

Which accounting services are regulated under AML/CTF law?

I only do tax returns and bookkeeping. Am I captured?

What if I add a designated service to my practice later?

I helped a client form a company 6 months ago. Now I only do their tax returns. Do ongoing monitoring obligations still apply?

My clients run cash businesses. Do I need to file Threshold Transaction Reports (TTRs)?

I am a reporting entity — but a specific client has never received a designated service from me. Do AML/CTF monitoring obligations apply?

I notice suspicious transactions while preparing a tax return for a client who has never received a designated service. What are my obligations?

Do I need to re-verify and conduct KYC/KYB on all my existing clients from 1 July 2026?

I advise clients on repatriating foreign funds to Australia. What should I be considering under AML/CTF?

Red flags — what makes a transaction or client suspicious?