AML/CTF Regulations

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From 1 July 2026, new Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws apply to accountants and other professional service providers. These reforms are designed to help prevent financial crime, money laundering, and the misuse of business structures and financial systems. As a result, High Street Advisory is required to comply with additional regulatory obligations when providing certain services.

The new requirements may apply when we assist with establishing companies, trusts, or other business structures, buying, selling, or transferring a business or company, managing client funds, accounts, or assets, acting as a trustee, or providing certain financial planning services involving client funds. Routine accounting services such as tax returns, BAS lodgements, bookkeeping, payroll, and financial statement preparation are generally not affected.

Depending on the services being provided, you may be asked to provide photo identification and additional information to help us meet our compliance obligations. This may include verifying your identity and, where applicable, the identity of beneficial owners of companies or trusts, providing information about transactions, business activities, or sources of funds, and completing additional onboarding and compliance checks before certain services can be provided. These requirements are now a legal obligation for professional service providers and help ensure compliance with Australian regulations.

Any information collected for AML/CTF purposes will be handled in accordance with applicable privacy laws, used only for compliance and regulatory purposes, and stored securely for the period required by law.

High Street Advisory is committed to meeting its AML/CTF obligations while keeping the process as simple and efficient as possible for our clients. We appreciate your cooperation when additional information is requested and will work with you to minimise any disruption.

If we need additional information from you after the new rules commence, a member of our team will contact you and explain what is required via email. We understand that requests for identification or ownership information may feel unfamiliar in an accounting context. However, these requirements are being introduced across the profession and are intended to help protect the integrity of Australia's financial system. 

As we implement these changes, our goal will be to keep the process as simple and efficient as possible for our clients.