A plain-English guide to what is changing, why it matters, and what we may ask you for.
From 1 July 2026, new laws require accounting firms across Australia to take on a set of formal anti-money laundering obligations when providing certain services. This applies to MBC Group Services, and it will affect some of the work we do with you.
We want to be upfront about what is changing, why it is happening, and what it means in practice. For most clients, day-to-day accounting work will not change at all. But if you are planning a property transaction, restructuring a trust or company, or moving significant assets, you will notice some additional steps at the start of the process.
Why is this happening?
Australia’s anti-money laundering framework has covered banks and financial institutions for a long time. What it has not covered until now is professional services firms, including accountants, lawyers, and real estate agents.
That is a problem with an internationally recognised gap. Accounting firms are involved in some of the most significant financial transactions in a business’s life: setting up structures, transferring assets, buying and selling businesses. Those same transactions can be misused to move criminal money through the system.
Australia has been on FATF’s radar for years. FATF is the international body that sets the rules on financial crime prevention, and our professional services sector was a known gap in the framework. The government had to act.”
The result is that accounting firms like MBC now become what the legislation calls ‘reporting entities’, with a formal set of obligations to meet when providing certain types of services.
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In a nutshell From 1 July 2026, MBC must verify client identity and assess risk before providing certain services involving transactions, business structures, or asset transfers. This does not affect everyday tax, bookkeeping, BAS, or compliance work. If your matter involves a property deal, a restructuring, or the movement of significant funds, we will need to complete additional checks before we can start. |
Which services are affected?
The new obligations apply to what the law calls ‘designated services’. These are specific types of work that carry a higher risk from a financial crime perspective. They are not your everyday accounting tasks.
For MBC clients, the services most likely to trigger the new requirements include:
- Buying, selling, or transferring real estate as part of a transaction we are assisting with
- Setting up, restructuring, or transferring a company or trust
- Buying or selling a business
- Managing or holding funds or assets as part of a transaction
- Arranging debt or equity financing
- Acting as a director, trustee, or company secretary on your behalf
- Providing a registered office or business address
Your regular tax return, BAS preparation, payroll, bookkeeping, and general financial advice are not designated services. Those engagements continue as normal.
For many clients, particularly farming families managing ongoing operations, this change will have little day-to-day impact. It becomes relevant when a significant transaction or structural change is in play.
What does this mean when you engage us?
When you bring us a matter that falls under the new framework, there is one key difference: we need to complete identity and risk verification before we can start the work.
This is not a reflection of anything about you. It applies to every client, for every designated service, regardless of how long we have worked together. The law does not distinguish between a new client and a client of twenty years.
For farming families and complex structures
Most farming operations we work with run across a mix of trusts, companies, and individual names, often with several family members playing different roles. When a designated service is involved, we will need to understand that structure and verify the people within it.
If you are working through a succession, transferring land, or changing how the farm is held, come and talk to us before things get moving. Settlement dates do not wait, and leaving the paperwork to the last minute puts everyone under pressure.
Timing and what to do now
You do not need to do anything today. There is nothing to prepare in advance of July 2026.
If you have something significant coming up — a business sale, a restructure, a property deal — bring it to us early. The checks are straightforward, but they do take a little time, and no one wants to be sorting paperwork the week of settlement.
If you are not sure whether your planned engagement is affected, just ask. We are happy to have that conversation before any formal engagement begins.
We are getting ready
MBC is preparing for these changes ahead of July 2026. Our AML/CTF compliance program is being developed, and the team is being trained so that when the obligations begin, the process is as smooth as possible for you.
We do not expect this to fundamentally change the way we work with most of our clients. Where it does add a step, we will make sure that step is explained, proportionate, and as straightforward as we can make it.
If you have questions about how these changes apply to your situation, please get in touch with your MBC adviser.
To help you navigate this change quickly, we have included a list of key questions you might have right now.
Frequently Asked Questions
From 1 July 2026, accounting firms must comply with new Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws when providing certain higher-risk professional services. This means we are required to complete specific checks before starting those services.
Accountants are involved in some of the most significant financial transactions in a business's life: setting up structures, transferring assets, buying and selling businesses. Those same transactions can be misused to move criminal money through the system. The changes recognise that accountants play an important role in identifying and managing those risks, and bring us in line with international standards.
No. These requirements only apply when we provide what the law calls 'designated services', which are defined by legislation. Everyday services such as tax returns, BAS preparation, payroll, bookkeeping, and general financial advice are not affected unless they form part of a designated service.
Designated services include assisting with buying, selling or transferring real estate; buying, selling, creating or restructuring companies or trusts; holding or managing money or assets as part of a transaction; arranging equity or debt financing; selling or transferring shelf companies; and acting, or arranging someone to act, as a director, trustee, or similar role.
Yes. Even if you have been a client of MBC for many years, these rules apply when you engage us for a designated service. The law requires us to base decisions on current, verified information rather than prior knowledge or an existing relationship. In some cases we may need to collect new information or update what we already hold.
For new clients requesting a designated service, we must complete identity and risk checks before we can start the work. This may add a short extra step to the onboarding process, but we will make it as straightforward as possible.
Depending on the service, we may need to verify your identity, who owns or controls a company or trust involved in the transaction, who is authorised to act on your behalf, the purpose of the service or transaction, whether any parties are politically exposed persons, and the source of funds or wealth for higher-risk matters.
The law requires us to base our decisions on current and verified information, not assumption or familiarity. In some cases we are legally unable to commence a designated service without completing these checks, regardless of how long we have worked together.
It can, if information is incomplete or provided late. Giving us what we ask for promptly will keep things moving, particularly for transactions with fixed deadlines like property settlements. The best approach is to talk to us early so there is time to complete verification before things get urgent.
This is common among our regional clients, and it is worth understanding early. Where a designated service involves a complex structure, we will need to identify the real people who own or control each entity involved. For a farming operation spread across a family trust, a company, and individual names, that may mean working through each layer of the structure. It is not difficult, but it does take a little time. Come and talk to us before your transaction gets underway.
All information collected is handled in line with our privacy obligations and used solely to meet our legal requirements and manage risk. It is not shared beyond what is necessary, and it is stored securely in accordance with applicable privacy law.
Talk to us early. If you have a business sale, property transfer, succession, or structural change coming up, getting in touch before things are underway gives us time to complete any required checks without putting pressure on your deadlines. If you are not sure whether your planned engagement is affected, just ask — we are happy to advise before any formal work begins.
