From 1 July 2026, Grenfell Murray will have new legal obligations under Australia’s anti-money laundering laws. Here’s what’s changing, why it’s happening, and what you can expect from us.
Key points
- New anti-money laundering rules start on 1 July 2026 and will apply to accountants, lawyers and real estate professionals for the first time
- Grenfell Murray is now classed as a “reporting entity” and will need to follow these rules for many of our services
- You’ll likely be asked for certified ID and, where relevant, information about the beneficial owners of your company, trust or other structure
- These checks are a legal requirement and not a reflection on you as a client
- We’re already preparing and will reach out directly when we need information from you
What’s changing?
Australia is rolling out the biggest update to its anti-money laundering rules in two decades. The changes are known as the “Tranche 2” reforms, and they extend these rules to new sectors, including accountants, lawyers and real estate professionals. From 1 July 2026, businesses in these sectors will need to have an anti-money laundering program in place.
Until now, these rules have mostly applied to banks, financial institutions and casinos. The government has decided that accountants, lawyers and real estate agents are “gatekeeper” professions, meaning we help clients set up legitimate business structures, and those structures could be misused to move illegal funds if there aren’t proper checks. The reforms are designed to strengthen Australia’s ability to detect and stop money laundering, terrorism financing and other illegal activity, and to bring us into line with global standards.
For more detail straight from the regulator, see AUSTRAC’s overview here: https://www.austrac.gov.au/new-austrac/check-if-youre-regulated-and-need-enrol/check-if-you-may-be-regulated
Does this apply to Grenfell Murray?
Yes. The new rules apply to many of the services we provide, and we expect they’ll affect most of our clients in some way.
What are we required to do?
As a regulated business, we’ll need to:
- Enrol with AUSTRAC (the government agency that oversees these rules)
- Develop and maintain an anti-money laundering program
- Carry out a risk assessment
- Appoint a dedicated Compliance Officer
- Report any suspicious matters to AUSTRAC
The biggest change you’ll notice is our “Know Your Customer” (KYC) process. This involves identity checks when you first come on board, and ongoing checks over time. It’s similar in principle to the professional standards accountants already follow, but more formal under the new law.
What does this mean for you?
Going forward, we’ll need to verify the identity of our clients. Where it’s relevant, we’ll also need to identify the beneficial owners (the people who ultimately own or control) the entities we act for. For example, if we work with a trust, we’ll need to know who the beneficial owners of that trust are.
In practice, you can expect us to ask you for:
- Certified identification documents (such as a passport or driver’s licence) if you’re an individual
- Details of the beneficial owners of any companies, trusts or other structures
- Confirmation of the nature and purpose of certain transactions
We’ll do our best to make this process as simple as possible and will reach out directly when we need something from you.
Why does this matter?
Australia has been under sustained pressure to bring professional services in line with international anti-money laundering standards. If we don’t comply, we could face regulatory action, financial penalties and reputational damage. In some cases, clients could also have transactions delayed or declined if identity checks can’t be completed.
These checks aren’t about questioning the integrity of our clients. They’re part of a broader government effort to close the gaps that allow criminal networks to misuse legitimate professional structures. Being part of that solution is part of our role as your trusted adviser.
What happens next?
We’re actively preparing for the 1 July 2026 commencement date. AUSTRAC expects newly regulated businesses to be enrolled and have an anti-money laundering program in place by then, and we’re working through that process now. We’ll be in touch when we need to collect any additional information from you.
If you have any questions about how these changes may affect your specific situation, please don’t hesitate to get in touch.
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.
