New Client Identification Requirements
From 1 July 2026, new anti-money laundering laws apply to accounting firms across Australia, including FMA Partners. We are writing to explain what has changed, what it means for you, and what you may be asked to provide.
What has changed
The Australian Government has extended the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws, which have applied to banks and financial institutions for many years, to accountants, lawyers, real estate agents and other professional services.
As a result, FMA Partners is now regulated by AUSTRAC, the Australian Government agency responsible for overseeing these laws.
What this means for you
Under the new laws, we must complete identity verification before we begin certain types of work. These are known as "designated services" and include services such as assisting with the purchase or sale of a business, setting up companies or trusts, corporate restructures and providing registered office services. Compliance services such as preparing your annual Tax Returns and Business Activity Statements are generally not affected.
In practice, this means that when you engage us for one of these services, whether you are a new or long-standing client, we may need to verify your identity before we can start.
The law also requires us to keep client information current, so we may occasionally ask you to confirm or update your details over time.
What you may be asked to provide
This will include obtaining information and documentation to verify your identity, beneficial owners of entities and, in some cases, an authorised representative providing instructions on your behalf.
To assist with these requirements, we have developed new secure forms to streamline information collection.
We will always be specific about what is needed, and any documents you provide will be stored securely and used only for this purpose.
This is routine and applies to everyone
If we ask you for identification, it is not a reflection of any concern about you or your affairs. It is a legal requirement that applies to every accounting firm providing designated services in Australia, just as your bank verifies your identity when you open an account.
We are committed to making this process as streamlined and efficient as possible and appreciate your co-operation where required.
Our team is here to support you and guide you through these changes. If you have questions regarding any of the content in this newsletter, please do not hesitate to contact your client manager, our office directly on 02 9540 6888 or via email at info@fmapartners.com.au.