Commencing 1 July 2026, new anti-money laundering and counter-terrorism financing (AML/CTF) legislation will apply to professional services firms across Australia, including lawyers, accountants, real estate agents, and conveyancers. The changes mandate enhanced identity verification and compliance obligations for firms like Grenfell Murray.
While these changes are industry-wide, we are committed to implementing them clearly, efficiently, and in a way that minimises disruption to you.
Why are these changes being introduced?
These changes are required under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and are part of an industry-wide reform. The reforms align professional services firms with the verification standards already applied by banks and financial institutions and are designed to protect both you and the broader financial system from money laundering and terrorism financing.
What is changing?
As a result of these reforms, Grenfell Murray is now required to meet AML/CTF obligations when providing certain “designated services”. This means that when we commence or continue certain engagements, we are required to:
- Collect and verify client identity and business information
- Apply a more structured and consistent onboarding and re-engagement process
- Maintain up-to-date client information throughout the engagement
- Conduct ongoing monitoring where required
What does this mean for me?
As part of these changes, you may notice:
- Requests for additional identification and business information
- A more structured onboarding or re-engagement process
- Follow-up requests to ensure your information remains current
- Changes to engagement timing
Under the new regulations, we are unable to commence or continue work on your behalf until all verification information has been provided.
These requirements apply across the professional services industry and are not unique to Grenfell Murray.
Our approach
We’re conscious that these industry shifts will have an impact on how our clients engage with our services. While these processes may require additional information and steps, they are designed to strengthen safeguards across the profession and protect both our clients and the broader financial system.
Our commitment is to deliver these requirements in a clear, efficient, and respectful manner – minimising disruption while maintaining the high standard of service you expect from Grenfell Murray.
If you have any questions, our team is here to assist.
Frequently Asked Questions – AML/CTF Tranche 2
Do these changes apply to all clients?
These changes are regulatory requirements that apply across the industry to all relevant engagements. Our new obligations are service-based, not client-based, meaning they may apply to both new and existing client relationships depending on the services being provided.
Your individual and business requirements may vary depending on your circumstances.
If you’re unsure whether these obligations apply to you, please contact our team.
What happens if I don’t provide identity and business verification information to my accountant?
Under the new regulations, we are unable to commence or continue work on your behalf until all required verification information has been provided and approved.
In some cases, engagements may be delayed if information is not provided by you promptly. We encourage you to provide the requested information as soon as possible to avoid any unnecessary delay.
Why am I being asked for information I may have already provided?
We understand you may have provided some of this information to us already.
However, the new regulations require that client information is collected, verified, and recorded in a specific way to meet the new compliance standards.
At Grenfell Murray, we’ve invested in new systems and reviewed our procedures to make sure this
process is as clear and efficient for our clients as possible.
What is my information used for and who has access?
Your information is used solely for the purpose of meeting our obligations.
Access to your information is strictly limited to authorised personnel within our firm and, where required, trusted service providers involved in delivering our compliance processes (such as our secure verification platform). All parties are subject to strict confidentiality and data protection obligations.
We do not use your information for unrelated purposes, and it is not shared with third parties except where required by law or regulatory authorities.
For further information, please contact:
Privacy Officer
PO Box 1677, Buddina QLD 4575
T: 07 5436 0300
Are there any additional costs associated with identity and business verification as part of the AML/CTF Tranche 2 reforms?
Yes. Identity verification checks are third-party services that are unavoidable as part of the new regulatory requirements. These will be charged to our clients as disbursements.
I’ve already completed identity checks with my lawyer, conveyancer, or another adviser. Why do I need to do this again?
Under the regulations, we are required to independently verify the identity of our own clients and maintain our own records. This means we cannot rely on checks completed by another party, even where those checks may appear similar. Our obligation is to apply our own assessment and verification procedures to ensure we meet our specific compliance and audit requirements.
Where appropriate, we aim to make this process as efficient and streamlined as possible. We appreciate your understanding that these requirements are industry-wide and designed to protect both you and the broader financial system.
What is Grenfell Murray doing to make this process easier?
We’re conscious that these industry shifts will have an impact our how our clients engage with our services. Our goal is to make this transition as smooth as possible for you while ensuring we meet our new legal and regulatory obligations.
We have introduced structured systems and reviewed our processes to:
- Streamline and simplify the information collection process
- Reduce administrative delays
- Ensure compliance is completed efficiently
I still have questions about the AML/CTF Tranche 2 reforms. What support is available?
If you need assistance, our team is available to guide you through the process and answer any questions. Please contact us to speak to a member of our team.
Disclaimer
The content provided in this article is for informational purposes only and does not constitute legal or financial advice. While we strive to ensure accuracy, we recommend that readers consult with an appropriate specialist for professional guidance specific to their individual circumstances. The information presented here may not cover all aspects of superannuation regulations or tax implications. It is essential to conduct further research and consider seeking personalised advice before making any decisions related to your business or your workers. Grenfell Murray Pty Ltd disclaims any liability arising from reliance on the information contained in this article. Readers should exercise due diligence and verify details independently.
