From 1 July 2026, new Australian Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) laws apply to certain services provided by accountants and advisers. As part of these requirements, BTMH may need to complete identity verification (Know your Customer / KYC) checks before providing some services.
Are tax return / tax advice services affected?
No, provision of tax service, including tax returns, is not affected, unless it comes with preparation of the documents that would implement corporate restructure.
What BTMH services are affected?
Mainly, these services would relate to financial products, and us holding money on your behalf. These would mainly include:
- Setting up a Company, or assisting in any transfers of shares, or changes to Directors and Secretaries
- Providing service of a Registered Office for a company
How it works?
- We ask for the required documents or information, e.g. your driver license, passport etc. – for all stakeholders, e.g. Directors, Secretaries, shareholders, trustees, beneficiaries and authorised representatives
- We may need to drill down to the ultimate beneficiary holders, if there is a complex structure
- We verify what you’ve provided, and run other checks, e.g. PEP, adverse media and others
- We may also enquire about source of funds / source of wealth
- We complete our AML/CTF assessment
- Once verified, we proceed with the requested service. If we cannot identify everyone and assess their AML risk (very rare scenario), we may need to refuse the engagement
For services covered by the new laws, we may not be able to start work until checks are complete – so providing information promptly helps avoid delays.
I’m an existing client – do I need to do this too?
Possibly, yes, but only if you request one of the Designated Services. This is an ongoing obligation under the legislation.
Your information is protected.
Information collected for AML/CTF purposes is handled under Australian privacy law and our internal data security procedures, with access restricted to authorised BTMH staff and approved service providers where verification requires it.
Get in touch with your BTMH adviser if you’re unsure whether this applies to you or want to know what’s needed in advance.
