Plain-English answers about AUSTRAC and the AML/CTF Act.
Written for accountants, bookkeepers, BAS agents: what the law asks, by when, and how a small firm meets it without a consultant.
Do accountants need to register with AUSTRAC?Yes, if the firm provides a designated service. From 1 July 2026 accountants who manage client money, help set up companies or trusts, or assist with buying or selling a business or property must enrol with AUSTRAC.
Updated 23 Sept 2026
- Do bookkeepers and BAS agents need to register with AUSTRAC?
Most bookkeepers do not, because bookkeeping and BAS lodgement are not designated services. A bookkeeper who handles client money or helps set up companies or trusts does need to enrol.
Updated 23 Sept 2026
- AUSTRAC obligations for accountants: the complete list
The seven things an accounting firm must do as a reporting entity under the AML/CTF Act: enrol, adopt a program, appoint a compliance officer, verify clients, review risk, report to AUSTRAC and keep records for 7 years.
Updated 23 Sept 2026
- AUSTRAC enrolment for accountants: a step-by-step guide
How to enrol an accounting or bookkeeping firm with AUSTRAC: what you need, where to do it, the 28-day deadline and what to do straight after.
Updated 23 Sept 2026
- Designated services for accountants under the AML/CTF Act
Which accounting services are designated services that make a firm a reporting entity: managing client money and assets, creating and managing companies and trusts, and assisting with property and business transactions.
Updated 23 Sept 2026
The AML/CTF compliance officer in a small accounting firmWho can be the AML/CTF compliance officer, what the role involves, and how a firm of one to ten people fills it without hiring anyone.
Updated 23 Sept 2026
Customer due diligence for accountants: what to do before the service startsThe steps of customer due diligence under the AML/CTF Act: identify the client, verify with reliable documents, identify beneficial owners, understand the purpose, rate the risk and record it all.
Updated 23 Sept 2026
- KYC for accountants in Australia: client identification under AUSTRAC rules
What know-your-client means for an accounting firm: which documents count, how to verify individuals, companies and trusts, and how to keep the record AUSTRAC expects.
Updated 23 Sept 2026
- Beneficial ownership verification for accountants
How to identify and verify the beneficial owners of a company, trust or partnership under the AML/CTF Act, and what to record.
Updated 23 Sept 2026
AML checklist for accountants and bookkeepers in AustraliaA one-page AML/CTF checklist for a small practice: enrolment, program, compliance officer, client due diligence, reviews, reporting, records and training.
Updated 23 Sept 2026
- Suspicious matter reports for accountants: when and how to lodge
When an accountant must lodge a suspicious matter report with AUSTRAC, the 3-business-day deadline, what triggers a suspicion, and the tipping-off rule.
Updated 23 Sept 2026
Threshold transaction reports: cash of AU$10,000 or moreWhen an accountant must lodge a threshold transaction report with AUSTRAC: physical cash of AU$10,000 or more received or paid in a designated service, within 10 business days.
Updated 23 Sept 2026
- The AML/CTF annual compliance report for accountants
What the AUSTRAC annual compliance report asks, when it is due, and how to keep the numbers ready during the year.
Updated 23 Sept 2026
- AML/CTF training for accounting and bookkeeping staff
What AML/CTF training must cover for staff in an accounting firm, how often to run it, and how to record it for AUSTRAC.
Updated 23 Sept 2026
- AML record keeping for accountants: what to keep for 7 years
The records the AML/CTF Act requires an accounting firm to keep, for how long, and how to store them so they can be produced to AUSTRAC.
Updated 23 Sept 2026
- AML penalties for accountants in Australia: what non-compliance costs
The civil penalties, enforceable undertakings and criminal offences under the AML/CTF Act, and how AUSTRAC has said it will approach Tranche 2 firms in the first years.
Updated 23 Sept 2026
Choosing AML software for an accounting firm in Australia: what to look forHow to compare AML/CTF software for a small accounting or bookkeeping practice: the seven obligations it must cover, what to ignore, and what a fair price looks like.
Updated 23 Sept 2026
- AML compliance alongside Xero: what your accounting software does and does not do
Xero, MYOB and QuickBooks are not AML/CTF systems. What they can help with, what they cannot, and how to run client due diligence and records alongside them.
Updated 23 Sept 2026
- CPA Australia, IPA and ICB members: what the professional bodies expect on AML/CTF
How AML/CTF obligations interact with membership of CPA Australia, the Institute of Public Accountants and the Institute of Certified Bookkeepers, and where to find their guidance.
Updated 23 Sept 2026
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