What Blackburn Prior clients need to know:
From 1 July 2026, Australia’s Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws apply to more professional service providers, including accounting firms. That means Blackburn Prior is legally required to complete certain identification and verification checks before providing some services.
These obligations are overseen by AUSTRAC, Australia’s financial intelligence agency and AML/CTF regulator.
For our clients, this means that for some engagements we may need to collect and verify information about you, your business, and the people who ultimately own or control relevant entities before we can begin work.
Why this is changing
Australia has expanded its AML/CTF regime to include additional “tranche 2” service providers, such as accountants, lawyers, real estate professionals and dealers in precious stones, metals and products.
The purpose of these laws is to help detect and prevent:
- money laundering
- terrorism financing
- serious financial crime
- misuse of business structures to conceal ownership or the movement of funds
AUSTRAC requires businesses covered by the laws to undertake due diligence so they understand who they are dealing with and the nature of the services being provided.
What this means for Blackburn Prior clients
Where the AML/CTF rules apply to the work we are doing, we must complete client identification and verification procedures before we can proceed.
Depending on the type of service, this may include:
- confirming the identity of individuals using reliable identification documents
- identifying the beneficial owners of a company, trust or other entity
- identifying individuals who control an entity, even if they do not have a direct ownership interest
- reviewing key documents such as:
- trust deeds
- company constitutions
- partnership agreements
- other entity records
- requesting further information where required, including the source of funds or source of wealth connected with the engagement
These checks are not optional. They are required by law.
Who is a beneficial owner?
In many cases, we will need to identify the individuals who ultimately own or control an entity.
Generally, this includes people who:
- own 25% or more of a company or other structure, or
- exercise effective control over it
For example, this may involve identifying:
- shareholders
- directors
- trustees
- appointors
- beneficiaries
- partners
- other individuals with decision-making authority or control
The exact information required will depend on the entity type and the service being provided.
How we will collect the information
When these requirements apply, our team will contact you and explain exactly what is needed.
In most cases, we will use a secure online identity verification process, allowing you to:
- upload identification documents
- confirm personal details
- complete verification from your phone or computer
Where entity verification is required, we may also ask you to provide supporting documents or additional background information.
Our goal is to make this process as simple and efficient as possible while meeting our legal obligations.
Will this affect timing?
Possibly. Because these checks must be completed before certain services can commence, there may be some impact on turnaround times, particularly:
- for new clients
- for new engagements
- where entity structures are complex
- where updated information is required
You can help minimise delays by providing requested information promptly and ensuring entity records are up to date.
Will there be any additional costs?
There may be costs associated with identity verification and related compliance checks.
If these apply to your engagement, we will let you know upfront as part of the engagement process.
How your information will be handled
Any personal or entity information we collect for AML/CTF compliance will be handled in accordance with the:
- Privacy Act 1988 (Cth)
- Australian Privacy Principles
Your information will:
- be used only for compliance and engagement-related purposes
- be stored securely
- only be collected where required to meet our legal obligations
What you need to do now
At this stage, you do not need to do anything.
If these requirements become relevant to the services we are providing to you, we will contact you with clear instructions on the next steps.
How Blackburn Prior can help
We understand that regulatory change can feel administrative and time-consuming. Our role is to guide you through the process as efficiently as possible, explain what is needed, and help minimise disruption to your business.
If you have any questions about how these AML/CTF changes may affect you, please contact your usual Blackburn Prior adviser.
Further information
You can read more on the AUSTRAC website, including information about Australia’s AML/CTF regime and reporting entities:
